Equivalent to 12 Million Jumbo Jet Flights From London to New York
A new study from Juniper Research, the foremost experts in smart city markets, found that the total amount of CO2 saved globally through renewable energy will grow by 25% over the next five years. These savings, compared to a fully non-renewable energy system, will rise from almost 2 Gt (Gigatonnes) in 2024.
The research found that international agreements, such as the Paris Agreement, are pushing the growth of the global renewable energy capacity and binding countries to spend on renewable energy technologies and commit to the clean energy transition. A large spike in spend is not predicted; rather a steady growth with careful energy management, whilst countries focus on expanding their capacity and reaching carbon neutrality goals.
An extract from the new report, Global Renewable Energy Technology Market 2024-2029, is now available as a free download.
Solar Power to Light the Way
The research identified that various incentives, such as the US Inflation Reduction Act, will significantly accelerate private investment in solar. The Act offers significant support for solar expansion via measures such as tax credits, which will increase solar capacity by making private solar PV systems more accessible to consumers.
Furthermore, solar energy is anticipated to benefit from several innovations, including pyramidal lenses. This passive technology captures light and focuses it on a single cell; removing the need for motorised panels that move with the sun and further reducing commercial installation costs.
These advancements mean that solar capacity, and resultant CO2 savings will grow exponentially. The study projects that total CO2 saved by solar power will grow by 58% between 2024 and 2029, saving 0.61 Gt by 2029.
About the Research Suite
The new market research suite offers the most comprehensive assessment of the renewable energy technology market to date; providing analysis and forecasts of over 57,900 datapoints across 60 countries over five years. It includes a ‘Competitor Leaderboard’ and examination of current and future market opportunities.
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