Clean energy to outpace global demand growth

illuminem summarizes for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:

🗞️ Driving the news: Clean energy sources, particularly solar and wind, are expected to become the largest global energy source by the mid-2030s, according to the International Energy Agency (IEA)
• Despite this growth, the IEA warns that current policy and market conditions aren't enough to meet net-zero emissions targets

🔭 The context: Global energy demand is projected to slow to 0.5% annual growth between 2023 and 2035, down from 1.4% over the last decade, thanks to energy efficiency and electrification
• Clean energy is forecast to meet 40% of global demand by 2035 and could rise to 90% by 2050 if net-zero goals are achieved

🌍 Why it matters for the planet: The expansion of clean energy is vital for reducing dependence on fossil fuels, which currently account for 80% of energy use but are expected to drop to 58% by 2050, supporting global climate goals

⏭️ What's next: Significant scaling of renewable investments, especially in developing nations, is critical for accelerating the transition to a net-zero emissions future and improving energy security in the face of geopolitical and climate risks

💬 One quote: “The global economy can continue to grow without using additional amounts of oil, natural gas or coal” — IEA report

📈 One stat: Investments in renewables are forecast to reach $850 billion by 2030, up from $680 billion in 2023

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