Energy storage hit another record year in 2022, adding 16 gigawatts/35 gigawatt … Contact online >>
Energy storage hit another record year in 2022, adding 16 gigawatts/35 gigawatt
Global energy storage additions will reach 58GW/178GWh in 2030, more than five
The New Energy Outlook (NEO) is BloombergNEF''s long-term scenario
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India''s transition to a diversified and low-carbon energy system is already underway, driven by supportive national policies and favorable economics. India’s national and state governments, businesses and civil society now have the opportunity to accelerate the deployment of mature clean technologies such as solar, wind and electric vehicles as well as the development of new technologies such as clean hydrogen and carbon capture and storage to decarbonize the country’s economy.
This outlook explores India''s energy transition pathways based on the two scenarios developed in BloombergNEF''s New Energy Outlook. Using these scenarios, the report explores the implications for India''s power, industry, transport, and buildings sectors, and charts out the investments and policies needed to help India achieve net-zero emissions by 2050. The Net Zero Scenario shows that India can dramatically reduce fossil fuel imports, while strengthening energy access. This is the most economic way for the country to reach its 2047 AatmaNirbhar Bharat energy independence goal.
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US emissions have been declining gradually over the past decade. While the substantial funding package of last year''s Inflation Reduction Act (IRA) makes decarbonizing technology of all types cheaper, there are limits to what can be achieved with even the most generous incentives. For ambitious federal policies to translate to a sustained diversification away from fossil fuels, the hard work of building supportive physical infrastructure, streamlining permitting, and regulating reluctant parts of the economy remains. Without a concerted push on these fronts, the US is unlikely to hit the targets that it has committed to under the Paris Agreement.
This outlook builds on the long-term scenarios developed in BloombergNEF''s New Energy Outlook and introduces a new Policy Scenario which fully factors in the impact of the Inflation Reduction Act on the trajectory of the US energy transition.
Download the executive summary
Japan has set an ambitious 2030 emission reduction target along with 2050 net-zero goal backed by legislation. Many Japanese corporations, including utilities, trading houses, manufacturers, and financial institutions, have also set net-zero goals. Still, Japan is not on track to meet its 2030 emission reduction goal or its 2050 net-zero goal. To stay on track for net zero, Japan needs to accelerate emission reduction from the energy sector.
China can achieve its dual goals of peak emissions before 2030 and carbon neutrality before 2060, on an accelerated timeframe, while strengthening its energy security. China already leads the world in energy transition investment, accounting for $550 billion in spending in 2022, or around half of the global total. To stay on track for net zero by 2050, China will have to triple the rate of investment in the latter half of this decade to an annual average of $1.66 trillion.
Australia’s transition to one of the most diversified and low-carbon systems in the world is already underway, driven by favorable economics and an abundance of natural renewable energy resources. However, federal and state governments must accelerate the deployment of established decarbonization technologies, and the development of others, if Australia is to meet its Paris Agreement goals. This report shows pathways and cost for Australia to meet climate goals and become a major hydrogen exporter.
Energy-related emissions in Europe are already falling. But the region needs to double the pace of emissions reductions and mobilize over $32 trillion of investment to deliver a net-zero energy economy by 2050. Europe''s next phase of decarbonization relies on a step-change in clean power deployments, rapid electrification of the end-use economy, particularly road transport and heating for buildings, growing use of net-zero fuels in key sectors, and clean industrial production capacity.
Industrial production makes up roughly 20% of global CO2 emissions today. By 2050, the sector will need to be abating more than seven billion tons of CO2 per year to reach net-zero. This will require emerging economies to build clean industrial capacity from now on. Developed economies face a choice of retiring or retrofitting polluting capacity.
At least $21.4 trillion needs to be invested in electricity grids by 2050 to support a global net-zero trajectory. But spending on grids has fallen short in recent years, resulting in bottlenecks that are slowing the deployment of renewables and electrification.
BloombergNEF New Energy Outlook reports on regional and sector transitions are available in free executive summaries. Simply complete the form below to receive access instructions via email.
BNEF clients can access the full NEO 2022 global summary report as well as previous annual editions.
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BloombergNEF (BNEF) is a strategic research provider covering global commodity markets and the disruptive technologies driving the transition to a low-carbon economy. Our expert coverage assesses pathways for the power, transport, industry, buildings and agriculture sectors to adapt to the energy transition. We help commodity trading, corporate strategy, finance and policy professionals navigate change and generate opportunities.
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