The near future of renewables

The future of energy is looking greener

15 January 2020 | Energy

By 2024, almost 33% of the world’s electricity is forecast to come from renewables, with solar photovoltaic (PV) accounting for almost 60% (or at least 697 gigawatts) of expected growth, according to Renewables 2019, a report by the International Energy Agency published in November 2019.
Drastically lower production costs, growing concern around climate change, evolving global energy policies and increased pressure from investors on companies to adopt environmental social governance (ESG) polices are pushing renewables into the mainstream.
Renewables used to just be the more sustainable—if more expensive—option. By 2023, they will actually make good business sense.
BDO’s top predictions for the global renewable market by 2023 include:
1. The future of solar is bright! Although slowed slightly by geopolitical tension and trade uncertainty, solar capacity will continue to grow over the next several years—surpassing a terawatt of global solar power generation by 2023.
2. Storage will take its rightful place as a key grid asset by 2023, helping to increase the reliability and resilience of increasingly decentralised power systems. The adoption of diverse energy storage solutions, including long duration batteries for utility-scale renewable integration, will grow by at least 30 percent year-over-year leading up to 2023.
3. Wind power will continue to grow, with increased storage capabilities developed specifically for on and offshore wind, helping to improve the economics and productivity of such projects. Half of the 2023 global investments in wind will go towards offshore technology and projects.
4. Natural resources companies, from mining to oil and gas, will continue to invest in clean or renewable energy technology, including carbon capture, utilisation and sequestration—both to diversify their portfolios and reduce their corporate carbon footprints. By 2023, 20 oil and gas majors will have joined the Oil and Gas Climate Initiative, up from 13.
5. Following a cycle of disappointing returns, private equity and venture capital will return to the cleantech space in full force. Whether called cleantech or climate-tech, the regulatory, economic and scientific impetus for these technologies will see U$600 billion dollars in global private investment by 2023.

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