BAKU, Azerbaijan, June 25. The International Energy Institute (EI), in collaboration with KPMG and Kearney consulting firms, has prepared a statistical World Energy Outlook 2024 highlighting positive trends towards a green economy, Trend reports.
"The increase in renewable energy capacities worldwide and the decrease in the cost of technologies used in them make renewable energy more attractive and competitive in the energy market," the study authors emphasized.
According to their data, renewable energy accounts for 30 percent of global energy generation, with rapid growth in renewable energy plants' construction and operation observed in China, the EU, the US, and Brazil.
For example, in 2023, wind energy capacity increased by 67 percent to 276 GW, and this trend is expected to continue in 2024.
The review highlighted the growing importance of battery storage for energy, which not only fulfills its immediate functions but also helps integrate renewable energy into the grid.
"While the growth of renewable energy is encouraging, it's equally important to focus on improving the efficiency of fossil fuels and intensify efforts to reduce carbon dioxide emissions from the ongoing consumption of fossil fuels globally," the review notes.
The analysts emphasized that oil, gas, and coal continue to play a significant role in powering various sectors of the economy, particularly transport, industry, and electricity generation.
"At the same time, it's necessary to actively work on technologies for the production and use of 'green' hydrogen and 'green' ammonia as part of the commitment to finding sustainable alternative solutions on the path to a clean and sustainable energy future," the analysts pointed out.