BAKU, Azerbaijan, September 22. BRICS is expected to become a leader in renewable energy deployment in the coming decades, Trend reports.
According to the research by Rystad Energy, independent energy research and business intelligence company from Norway, the planned expansion of the BRICS bloc in January 2024, which includes the addition of new members such as Saudi Arabia, Iran, the UAE, Egypt, Ethiopia, and Argentina, is anticipated to shift towards renewable sources, accounting for over 80 percent of its energy generation by 2050.
Rystad Energy explains further that this transformation will result in a total renewable capacity of 11 terawatts (TW), more than twice the expected combined capacity of 4.5 TW in the G7 nations, which includes Canada, France, Germany, Italy, Japan, the UK, and the US.
The agency also noted that, although BRICS+ countries have experienced swift economic expansion, they encounter a significant hurdle in lowering emissions because of their substantial dependence on fossil fuels. Conversely, G7 nations have managed to decrease their emissions by embracing green technologies and policies early on. Both blocs are now establishing ambitious climate objectives, highlighting the crucial role that sustainable energy will assume in the worldwide shift towards cleaner energy sources.
A crucial gauge of the speed of the energy transition lies in the adoption of electric vehicles (EVs), Rystad Energy analysts say. China, as a BRICS+ member, currently stands as the global leader in pure battery EV (BEV) sales, surpassing the G7 countries. This robust surge in EV adoption can be attributed to advancements in battery technology, the development of infrastructure, and supportive government policies.
China's remarkable expansion in solar capacity, with a target to achieve 1 TW by 2026, plays a significant role in the shift towards cleaner energy sources, reducing the carbon footprint of its transportation sector. This comprehensive approach underscores China's commitment to reshape its energy landscape and reduce its dependency on fossil fuels, a trend that aligns with the strategies of fellow BRICS+ nations. Our projections indicate that by 2035, EVs will constitute over 60 percent of all new car sales within the expanded bloc.
Furthermore, as the bloc continues to invest in EV charging infrastructure and maintains its leadership in battery technologies and raw materials processing, the proportion of EVs in total vehicle sales across the BRICS+ nations is anticipated to reach 86 percent by 2040, assuming a global warming scenario of 1.6 degrees Celsius. This scenario is becoming increasingly likely based on recent growth trends in EV sales, supportive policies, technological advancements, and evolving demand patterns, the agency noted.