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According to the International Energy Agency's (IEA) latest World Energy Outlook 2040, the global energy system is transitioning to renewable energy and low carbon, with annual expenditure costs of nearly $807 billion, and the share of investment in the power sector that relies on all or part of the revenue guarantee established by regulations is likely to remain high
.
According to a new IEA report, renewables have accounted for 60% of investment in power generation capacity over the past decade, a trend that will continue until 2040, when it will account for 70% of the share, with an average annual investment of $350 billion
over the next 20 years.
Among them, PV will lead renewable energy investment, with an average annual investment of $120 billion, of which 30% is in China
.
Falling system costs have not hindered the technology's leading position, and the IEA predicts that solar energy will continue to attract the most investment
through 2040.
Annual investment in wind energy is expected to reach US$110 billion, and hydropower is expected to reach US$73 billion; Nuclear power, gas and coal power are about $50 billion
each.
In addition, the average annual investment in battery storage will reach 13 billion US dollars
.
In addition to power generation, an average annual investment in grid infrastructure is expected to reach $360 billion, aiming to further expand grid capacity, improve infrastructure, expand regional trade, and provide 510 million people with
access to electricity.
In a heavily regulated market, this could mean the risk
of continued overinvestment and affordability, the report said.
For fossil fuels, the IEA argues that oil is a less formidable foe, that advances in electrified transportation will greatly reduce its use, and that oil will not be used primarily for power generation
.
According to the International Energy Agency, electricity has expanded its share of world energy consumption to 19%
in 2017 since 1980.
Today, the move towards a more digital, connected world is driving demand for electricity
.
The increase in consumption of smart appliances, watches and phones will increase electricity demand by an additional 6%
in 2040.
According to the International Energy Agency's (IEA) latest World Energy Outlook 2040, the global energy system is transitioning to renewable energy and low carbon, with annual expenditure costs of nearly $807 billion, and the share of investment in the power sector that relies on all or part of the revenue guarantee established by regulations is likely to remain high
.
According to a new IEA report, renewables have accounted for 60% of investment in power generation capacity over the past decade, a trend that will continue until 2040, when it will account for 70% of the share, with an average annual investment of $350 billion
over the next 20 years.
Among them, PV will lead renewable energy investment, with an average annual investment of $120 billion, of which 30% is in China
.
Falling system costs have not hindered the technology's leading position, and the IEA predicts that solar energy will continue to attract the most investment
through 2040.
Annual investment in wind energy is expected to reach US$110 billion, and hydropower is expected to reach US$73 billion; Nuclear power, gas and coal power are about $50 billion
each.
In addition, the average annual investment in battery storage will reach 13 billion US dollars
.
In addition to power generation, an average annual investment in grid infrastructure is expected to reach $360 billion, aiming to further expand grid capacity, improve infrastructure, expand regional trade, and provide 510 million people with
access to electricity.
In a heavily regulated market, this could mean the risk
of continued overinvestment and affordability, the report said.
For fossil fuels, the IEA argues that oil is a less formidable foe, that advances in electrified transportation will greatly reduce its use, and that oil will not be used primarily for power generation
.
According to the International Energy Agency, electricity has expanded its share of world energy consumption to 19%
in 2017 since 1980.
Today, the move towards a more digital, connected world is driving demand for electricity
.
The increase in consumption of smart appliances, watches and phones will increase electricity demand by an additional 6%
in 2040.
