2023 Global PV, energy storage, wind industry energy transformation insight research report

The research report is summarized below

How much more renewable energy will the world need to install by 2050?

InfoLink, in line with the goals of the Paris Agreement, calculates that "keeping temperatures well below 2° C above pre-industrial levels; and working towards 1.5° C; Both scenarios, coupled with the continuing increase in global energy demand, will require an increase in renewable energy capacity by 2050, and will also examine whether the world can meet the Paris Agreement, or even lower temperature control targets, based on the current global renewable energy expected to be installed.

Under the continuous economic development, the global demand for energy continues to increase. Based on the assumption that the electricity demand in 2019 will be 26.937TWh and the compound annual growth rate of global electricity before 2050 will be about 2.5%, InfoLink calculates that the electricity demand in 2030 will be 35.343 TWh, and in 2050 it will reach 57914TWh. In 2019, global renewable energy will only provide 9.928 TWh of electricity per year, and there is still considerable room for improvement to meet new electricity demand and emission reduction targets.

At present, more countries have set up policy nodes in 2030, to control the temperature at 2° C and 1.5° C need to reduce 88.8 billion and 207.6 million tons of equivalent carbon dioxide emissions respectively: and the current carbon emissions caused by power generation account for about 30% of the total carbon emissions. This means that the installation of renewable energy can help reduce carbon monoxide equivalent by up to 26.6 billion and 62.2 billion tons in the two scenarios.

According to the calculation of photovoltaic, wind and other renewable energy sources, if the carbon reduction targets of 2°C and 15° C are to be achieved, the cumulative installed capacity of renewable energy will be 3.409 GW and 6.887GW respectively by 2030. In terms of the current global progress, InfoLink estimates that the global installed capacity of renewable energy is expected to reach 9.145 GW in 2030, achieving the emission reduction target of renewable energy generation in 2030. If we want to achieve higher emission reduction targets, such as keeping the temperature within 1° C, we need to accumulate 10.959GW of renewable energy installed in 2030, and there is still room for improvement at the current pace.