InfoLink Consulting White Paper Highlights Global Renewable Energy Trends And 2030 Net Zero Goals

InfoLink Consulting has published the latest White Paper titled 'Towards a Net Zero Carbon Emissions Path: 2030 Light Storage Energy Transition', which provides an in-depth analysis of the development trends and challenges of renewable energy worldwide. The white paper covers the three major markets of China, the United States, and Europe (EU+UK), providing detailed market analysis and future prospects to help the industry grasp key information and accelerate the achievement of net zero emissions goals.

According to the Paris Agreement, countries have committed to ensuring that the global average temperature rise is far below pre industrial levels by 2 ° C, and strive to limit the rise to within 1.5 ° C. To achieve these goals, countries must vigorously reduce greenhouse gas emissions, and the energy sector is currently the largest source of global greenhouse gas emissions, accounting for 35% of total emissions.

InfoLink estimates that to achieve the 1.5 ° C scenario by 2030, approximately 8.5TW of renewable energy capacity is required, while the 2 ° C scenario requires approximately 5TW. According to the latest data from InfoLink, the global installed capacity of renewable energy will exceed 10TW by 2030, which is expected to meet the installation requirements of renewable energy capacity for both scenarios. However, there is still a shortage of nearly 2.5TW to achieve the 1 ° C scenario.

In 2023, benefiting from favorable policies and technological development, the renewable energy market will experience significant growth, with the installed capacity of photovoltaics, wind energy, and energy storage reaching new highs. Despite facing political and financial challenges, InfoLink remains optimistic about the prospects of renewable energy.

The US market has benefited from subsidies for photovoltaics, wind energy, and energy storage provided by the Inflation Reduction Act (IRA), which significantly reduces the levelized cost of energy (LCOE) and promotes capacity growth. However, trade barriers are expected to affect supply and installation speed.

Affected by the Russia-Ukraine conflict, Europe's natural gas and electricity prices have soared since the beginning of 2022, pushing up the surge in renewable energy installed capacity in 2023. European countries have set ambitious targets under the National Energy and Climate Plans (NECP), expecting a steady increase in annual photovoltaic installations by 2030, reaching nearly 140GW of new capacity per year by 2030. The 600GW target of the REPowerEU program is also expected to be achieved ahead of schedule between 2026 and 2027, with a cumulative installed capacity of over 1000GW by 2030.

The energy storage market in Europe will also experience significant growth. The pre balance sheet energy storage market, driven by energy reform policies and subsidies, is expected to surpass the post balance sheet energy storage market. Major markets such as the UK, Italy, and Germany will continue to expand, while emerging markets such as Belgium, Greece, and Spain will also gradually grow. InfoLink predicts that the cumulative installed capacity will reach 500GWh by 2030.

Although it is expected that the contribution of renewable energy to electricity production will increase in quantity and proportion, given the ongoing geopolitical turmoil and increasingly frequent extreme weather events, countries need to be more proactive in increasing the deployment of renewable energy, continuously promoting policy and technological innovation to ensure that renewable energy can be deployed and applied more widely.