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Released May 28, 2019 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Big strides have been made to increase access to sustainable energy across the globe, but the world still is falling short of the energy targets set for 2030 by a United Nations (UN) initiative, according to a new report. As such, further development of renewable energy is crucial to close the gap, the report says.
Industrial Info is tracking more than $3 trillion in renewable-energy capital projects globally, with the lion's share of that amount in to Asia.
Click on the image at right for a graph showing renewable project activity by world region.
The report tracks the progress on the three targets of the UN's Sustainable Development Goal 7 initiative: access to energy and clean cooking, renewable energy and energy efficiency. The report was produced by the International Energy Agency, the International Renewable Energy Agency, the United Nations Statistics Division, the World Bank and the World Health Organization.
The report, which includes findings through 2017, says the number of people living without electricity dropped to about 840 million, from 1 billion in 2016, and 1.2 billion in 2010. India, Bangladesh, Kenya and Myanmar were among countries that made the most progress since 2010.
However, at the present rate of global electrification growth, 650 million people still won't have access to electricity in 2030, and nine out of 10 of them will be living in sub-Saharan Africa, the report said.
Universal energy access by 2030 would require a substantial price tag.
"Achieving universal energy access, substantially accelerating the share of renewable energy, and doubling the rate of energy intensity improvements, would require annual average investments of approximately $1,320 billion per year between 2018 and 2030, in a variety of technologies," according to the report. "This comprises annual investment of approximately $51 billion to achieve universal electricity access, $4 billion for clean-cooking access, over $660 billion for renewable energy, and $600 billion for energy-efficient technologies."
According to the report, the outlook for renewable electricity generation "is by far the most encouraging," due to falling costs of wind and solar photovoltaic power, and competitive procurement processes. Globally, a total 5,860 terawatt-hours of additional renewable electricity generation is projected for 2030, equal to the current electricity generation of Canada, Japan, and the United States combined. Much of the growth is expected to occur in Asia, North America and Europe.
"To support the broader sustainable development agenda, a more rapid decarbonization of the electricity sector is needed," it added.
The share of renewable energy is the main indicator of progress toward sustainable energy development, the report said. In 2016, the share of renewables in the global energy mix increased at the fastest rate since 2012, up 0.24 percentage points, and reached almost 17.5% owing to rapid growth in hydropower, wind and solar power. However, the share of renewable power would need to accelerate to meet the goals of "affordable, reliable, sustainable and modern energy for all" by 2030.
Hydropower has remained the largest source of renewable electricity, accounting for 68% of all renewable electricity consumption in 2016.
China dwarves all other countries in active renewable power development, with $723 billion worth of project activity, including $715 billion in hydropower projects and more than $333 billion in wind power projects, according to Industrial Info's project database.
One of the more substantial renewable energy projects now under construction is in Africa: the $10 billion Grand Ethiopian Renaissance Hydro Power Station Project, located on the Blue Nile River in Ethiopia. Construction on the 6-gigawatt (GW) hydroelectric dam began in 2011, with completion planned for 2027. At a height of well over 500 feet and a length of more than a mile, it will be the largest hydroelectric dam in Africa. Ethiopia will be the main beneficiary of the power generated by the facility, and surplus power will be sold to neighboring countries. However, authorities in Egypt and other downstream countries have voiced strong concerns over the dam, citing water rights issues. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
Industrial Info is tracking more than $3 trillion in renewable-energy capital projects globally, with the lion's share of that amount in to Asia.
The report tracks the progress on the three targets of the UN's Sustainable Development Goal 7 initiative: access to energy and clean cooking, renewable energy and energy efficiency. The report was produced by the International Energy Agency, the International Renewable Energy Agency, the United Nations Statistics Division, the World Bank and the World Health Organization.
The report, which includes findings through 2017, says the number of people living without electricity dropped to about 840 million, from 1 billion in 2016, and 1.2 billion in 2010. India, Bangladesh, Kenya and Myanmar were among countries that made the most progress since 2010.
However, at the present rate of global electrification growth, 650 million people still won't have access to electricity in 2030, and nine out of 10 of them will be living in sub-Saharan Africa, the report said.
Universal energy access by 2030 would require a substantial price tag.
"Achieving universal energy access, substantially accelerating the share of renewable energy, and doubling the rate of energy intensity improvements, would require annual average investments of approximately $1,320 billion per year between 2018 and 2030, in a variety of technologies," according to the report. "This comprises annual investment of approximately $51 billion to achieve universal electricity access, $4 billion for clean-cooking access, over $660 billion for renewable energy, and $600 billion for energy-efficient technologies."
According to the report, the outlook for renewable electricity generation "is by far the most encouraging," due to falling costs of wind and solar photovoltaic power, and competitive procurement processes. Globally, a total 5,860 terawatt-hours of additional renewable electricity generation is projected for 2030, equal to the current electricity generation of Canada, Japan, and the United States combined. Much of the growth is expected to occur in Asia, North America and Europe.
"To support the broader sustainable development agenda, a more rapid decarbonization of the electricity sector is needed," it added.
The share of renewable energy is the main indicator of progress toward sustainable energy development, the report said. In 2016, the share of renewables in the global energy mix increased at the fastest rate since 2012, up 0.24 percentage points, and reached almost 17.5% owing to rapid growth in hydropower, wind and solar power. However, the share of renewable power would need to accelerate to meet the goals of "affordable, reliable, sustainable and modern energy for all" by 2030.
Hydropower has remained the largest source of renewable electricity, accounting for 68% of all renewable electricity consumption in 2016.
China dwarves all other countries in active renewable power development, with $723 billion worth of project activity, including $715 billion in hydropower projects and more than $333 billion in wind power projects, according to Industrial Info's project database.
One of the more substantial renewable energy projects now under construction is in Africa: the $10 billion Grand Ethiopian Renaissance Hydro Power Station Project, located on the Blue Nile River in Ethiopia. Construction on the 6-gigawatt (GW) hydroelectric dam began in 2011, with completion planned for 2027. At a height of well over 500 feet and a length of more than a mile, it will be the largest hydroelectric dam in Africa. Ethiopia will be the main beneficiary of the power generated by the facility, and surplus power will be sold to neighboring countries. However, authorities in Egypt and other downstream countries have voiced strong concerns over the dam, citing water rights issues. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
