Renewables will grow 2.7-fold by 2030, short of the “tripling” goal set at COP28.
Still, clean energy is growing at an “unprecedented rate”, and will overtake coal, gas and then oil, to become the world’s largest source of energy “in the mid-2030s”.
Low-carbon energy, including renewables and nuclear, will grow 44% by 2030, adding 48 exajoules (EJ) to global energy supplies.
Global energy demand will only rise by 34EJ (5%) over the same period.
This means clean energy will push each of the fossil fuels past their peak by 2030.
Electric vehicles (EVs) are now expected to displace 6m barrels of oil per day (mb/d) by 2030, up from a figure of 4mb/d by 2030 in last year’s outlook.