Investments in clean energy pushed by new policies globally will rise to more than USD 2 trillion annualy by 2030, a rise of more than 50 per cent from today, said the International Energy Agency (IEA) in its World Energy Outlook 2022 report on Thursday.
This flagship publication of the IEA has appeared every year since 1998. Its objective data and dispassionate analysis provide critical insights into global energy supply and demand in different scenarios and the implications for energy security, climate targets and economic development.
Clean energy, it said, becomes a huge opportunity for growth and jobs, and a major arena for international economic competition.
Notably, the report stated that global emissions will peak in 2025. Supply chains for some key technologies - including batteries, solar PV and electrolysers - are expanding at rates that support higher global ambition.
"Energy markets and policies have changed as a result of Russia's invasion of Ukraine, not just for the time being, but for decades to come," it said.
The World Energy Outlook report states that the global energy crisis sparked by the Ukraine conflict is having far-reaching implications for entire economies, prompting short-term responses from governments as well as a deeper debate about the ways to promote energy security.
Triggered by Russia's invasion of Ukraine - the World Energy Outlook 2022 (WEO) provides indispensable analysis and insights on the implications of this profound and ongoing shock to energy systems across the globe.
"India makes further progress towards its domestic renewable capacity target of 500 gigawatts (GW) in 2030, and renewables meet nearly two-thirds of the country's rapidly rising demand for electricity," the report said about India.
For the record, at the COP26 summit at Glasgow in late 2021, Indian Prime Minister Narendra Modi committed to an ambitious five-part "Panchamrit" pledge, including reaching 500 GW of non-fossil electricity capacity, to generate half of all energy requirements from renewables, to reduce emissions by 1 billion tons by 2030.
India also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070.
( With inputs from ANI )
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