Need to accelerate the energy transition
According to a report by the International Energy Agency (IEA), the energy transition is inevitable in the current context. Research shows that by 2030, renewable energy will become the main source of electricity production, expected to provide one-third of the total global electricity. Wind and solar power capacity is predicted to surpass gas power capacity in 2023 and coal in 2024.
This development not only helps to minimize the impact of the greenhouse effect and climate change, but also contributes to sustainable economic development.
According to the World Energy Outlook 2023 report, there will be 10 times more electric vehicles on the road worldwide by 2030 than today, and renewable energy will account for 50% of global electricity generation, up from around 30% today. This growth depends on countries delivering on their energy and climate commitments in a timely and complete manner. However, stronger policies are still needed to meet the target of limiting global temperature rise to 1.5°C.
In fact, demand for fossil fuels is showing signs of peaking this decade, with coal, oil and gas consumption trending downward. This shift will not only reduce CO2 emissions but also improve energy security for countries.
“The transition to clean energy is underway globally and cannot be stopped,” IEA Executive Director Fatih Birol stressed.
Transition in world regions
Europe is at the forefront of the energy transition. The EU has set a target of increasing the share of renewable energy to 60% by 2030 and increasing offshore wind capacity 25-fold by 2050 to achieve carbon neutrality.
The EU renewable energy sector has grown strongly in recent years, with an 11% increase in the first half of 2020 compared to the same period last year. EU Member States have approved the European Committee’s proposal for an €873 million investment package for clean energy projects, including many renewable energy infrastructure projects, to improve energy security and create new industrial opportunities.
The US government has also recognized the importance of renewable energy in sustainable development. From 2011 to 2014, the state of California built two of the world’s largest solar power plants, with a total investment of billions of dollars. In 2019, renewable energy output grew strongly, reaching 720.4TWh, mainly from solar and geothermal energy.
Statistics show that by 2050, the US will be able to generate 80% of its electricity from renewable energy using existing technology. This shows that developing clean energy is not only a trend but also an indispensable part of the country's future.
Along with the United States and Europe, China, a country heavily dependent on fossil fuels, is now transforming itself into a leading country in the field of renewable energy. China's investment in renewable energy increased from $3 billion in 2004 to $103 billion in 2015, accounting for about 36% of the global total.
The Chinese government has set a target of raising the share of renewable fuels in primary energy consumption to 25% by 2030, as part of the country's commitment to reduce carbon emissions.
China’s renewable energy sector is growing at a breakneck pace. Solar capacity has increased 700-fold and wind power capacity has increased 22-fold in just the past few years. The country has not only taken the lead in renewable energy production but has also expanded its influence in global markets, creating new economic and political alliances.
