01/11/2024
After reading the International Energy Agency (IEA)'s annual World Energy Outlook, we've come away with a few thoughts:
The main points being covered by press are:
📈 The world is set to reach 'peak emissions' by approximately 2025
☀️ Solar is on course to become the world's largest source of energy by the mid-2030s
💡 Global solar capacity is now expected to hit 16,000 GW by 2050—30 percent higher than as was projected last year
🌡️ Even if all current pledges are met, the world is still set to reach 2.4 degrees Celsius of warming this century
The report generated a lot of reflection and discussion in the office, after which our team emerged with two main takeaways:
1️⃣ For those of us in the real estate sector, we mustn't look at these projections and think decarb is now an inevitability, and therefore we can sit on our heels and wait for it to happen. The process still requires active time and effort (though less when CQuel is involved!)
2️⃣ This has particularly important implications here in the UK, where limited grid capacity is a serious issue. For big commercial property owners who need solar as part of their decarb strategy, they need to move especially fast so as not to be hamstrung by the DNO application process
World Energy Outlook 2024 - Analysis and key findings. A report by the International Energy Agency.