INTRODUCTION
> additions surged by 50% in 2023, while investment in clean energy has risen by 40% since 2020.
Let’s take a look at where the traction lies.
NEW TECHNOLOGY GAINS MOMENTUM Policy frameworks like the Inflation Reduction Act (IRA) in the US puts new technology at the center of this investment drive, buoyed also by frameworks that support renewable projects and the development of hydrogen, CCUS, and other clean initiatives across Europe and Asia. Recent IEA findings from the Global Hydrogen Review 2024 suggest that global hydrogen demand had reached 97 Mt in 2023, with most produced from fossil fuels. While low-emissions hydrogen remains limited right now, announced low emissions projects—almost 30% more now than when the Global Hydrogen Review 2023 was released—suggest capacity could reach 49 Mtpa by 2030, driven mainly by electrolysis technology and CCUS investments. Manufacturing capacity for key components of a clean energy system, including solar PV modules and EV batteries, is expanding fast. More than 500 gigawatts (GW) of renewables generation capacity were added in 2023—a new record. In 2020, one in 25 cars sold was electric; in 2023, it was one in five. Meanwhile more than $1 billion a day is being spent on solar deployment. As expected, AI takes center stage of technological progression—transforming the sector at phenomenal pace. As a resource that permeates multitudinous applications within the energy sector, here is a market, the IEA reports, that could potentially reach $13 billion. From predictive maintenance applications, which could reduce grid outages by 30% (according to E.ON), and which have reduced power outages by 15% (according
The industry is moving faster than ever before. Building a culture and brand that meets this momentum is paramount.
8 Brandpie Energy - Issue 2
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