Latest news with #IRENA
Al Bawaba
11-07-2025
- Business
- Al Bawaba
$4.3 trillion investment needed by 2030 to sustain global gas demand, Crescent Petroleum CEO tells OPEC leaders
Total investments of USD$4.3 trillion are needed in the coming 5 years to keep up with fast-growing demand for natural gas and make up for a lost decade of underinvestment, Majid Jafar, CEO of Crescent Petroleum, the Middle East's oldest and largest private upstream oil and gas company, told ministers and energy industry leaders in Vienna. The world must invest more to maintain and grow the current energy systems particularly in the developing world where demand is growing fastest, Jafar said in his remarks on the opening day of the 9th OPEC International Seminar.'The world faces a massive energy challenge, with demand set to grow at the fastest pace in decades,' Jafar said. "The era of renewables growing at the expense of other energy sources is over—now, all forms of energy must expand together. We need an 'and, and' strategy: gas, oil, and renewables must all grow to meet surging global needs."Jafar made his comments on a high-level roundtable session titled 'Policies and Regulations: A Just and Realistic Energy Future,' which discussed the need for sound and reliable energy policy with respect to sustainability. He was joined in the session by Tengku Muhammad Taufik the Chief Executive Officer of Petronas; Rovshan Najaf, President of SOCAR; and Francesco La Camera the Director-General of IRENA based in Abu Dhabi. The developing world is where most energy growth will come in the future, Jafar said, because it is where population growth, urbanisation and air condition will require the most new resources. More than 1.2 billion people in the developing world lack access to reliable electricity, a gap that has actually grown in recent years, he said. To meet that demand, the developing world must be enabled to develop its plentiful indigenous natural gas resources, replacing dirtier fuels and delivering cleaner, more reliable power, Jafar said."The 'energy trap' in developing countries leads to more coal burning, undermining both climate and development goals," he said. Demand growth from AI data centres worldwide will further boost demand, requiring the equivalent of Japan's entire power demand by 2030. Data centres driven by AI will require an estimated $720 billion in global grid investment particularly in the West to support the surge in demand, he said.'Reliable, affordable natural gas is a fundamental pillar for a just and equitable energy system which ensures technological progress, economic growth, and societal well-being,' he noted. Just by converting the world's coal power use to natural gas would reduce global emissions by 15%, making a far greater impact than the trillions invested renewables so International Energy Agency estimates that global energy demand grew by 2.2% in 2024, well above average over the past decade, with electric power surging 4.3%, about a third higher than the average. This growth is driven by growing needs in developing countries as well as electrification and digitalisation from the AI revolution, which has grown energy demand in the Western world, after decline for years. In turn natural gas saw the strongest growth in demand among hydrocarbons, rising by 115 billion cubic metres (bcm), amounting to 2.7% in 2024, compared with an average 75 bcm annually over the past decade. The 9th OPEC International Seminar welcomed nearly 1,000 of the highest-level energy sector leaders, including ministers of OPEC member states, senior leaders from the oil and gas industry, policymakers, NGOs and invited guests. The two-day event, held at the historic Hofburg Palace in Vienna under the banner, 'Charting pathways together: the future of global energy' takes place on July 9 and 10. The themes focused on during the seminar included energy security, market stability, sustainability, investments and finance, low-carbon technologies, just energy transitions, energy poverty and diversification.
Zawya
10-07-2025
- Business
- Zawya
Renewables boom highlights growing regional divide
Abu Dhabi, United Arab Emirates - The Renewable Energy Statistics 2025 released by the International Renewable Energy Agency (IRENA) today shows that despite renewables capacity growing by over 15% in 2024, the growth gap widens across regions. Asia has kept its leading position since the past few years, accounting for 71% of new renewables capacity in 2024, followed by Europe and North America (respectively contributed 12.3% and 7.8% to the addition), leaving a huge gap with Africa, Eurasia, Central America and the Caribbean which together only accounted for 2.8% of total renewables capacity addition. Despite its massive economic and development opportunities, Africa only increased its renewables capacity by 7.2%. Commenting on the data update, IRENA Director-General Francesco La Camera said: 'The renewable energy boom is transforming global energy markets, driving economies and creating vast investment opportunities. However, the growing regional divide highlights that not everyone is benefiting equally from this transition. Countries and regions that attract substantial investment in renewables are seeing enhanced energy security, increased industrial activity, and new jobs, fueling broader socioeconomic development.' La Camera added: 'Bridging the divide and closing the investment gap between countries and regions is critical. It requires targeted policies, international financing, and partnerships that unlock capital and technology where they are needed most. By aligning investment flows with policy frameworks, we can ensure that the green transition becomes a powerful engine for resilience and sustainable economic growth worldwide.' 'The global shift to renewables is increasingly inevitable, but its massive human and economic benefits are not yet being shared across all countries and regions,' said UN Climate Change Executive Secretary Simon Stiell. 'To deliver on the global agreement at COP28 to triple renewables by 2030, we need to move much further and faster, and make more progress on the key enablers for vulnerable developing countries. The investments required will pay huge dividends – cutting emissions, driving economic growth, creatin jobs, and supporting affordable, secure energy for all.' As the custodian Agency for tracking the global goal to triple installed renewable capacity by 2030, IRENA remains committed to reviewing progress and identifying gaps towards the target on an annual basis. Although the 582 GW of renewable capacity added in 2024 represented a record annual increase, it still falls short of the pace required to reach the global tripling target of 11.2 TW by 2030. If the same annual growth rate continues, the world will only reach 10.3 TW of renewables capacity, missing the target by 0.9 TW. Achieving the target by 2030 would require renewable capacity to expand even faster at 16.6% annually in less than the remaining five years. The renewables capacity trend also reveals the dominance of solar and wind power. Both have jointly accounted for 97.5% of all net renewables additions in 2024, with solar increasing by 453 GW. This proves the economic competitiveness of solar energy; providing business opportunities and energy security quickly and sustainably. Wind energy is following behind with 114 GW of total renewables capacity addition. With renewables now catching up with fossil fuels in the share of installed capacity (46.2% of renewables vs 47.3% of fossil fuels), the case of renewables being a smart investment that creates jobs and drives sustainable growth has become stronger. The report also shows the continuous growth of renewable power generation, driven by solar and wind energy. Renewable electricity grew by 5.6% in 2023 compared to 2022, reaching 8 928 terawatts hour. Meanwhile, non-renewable power grew by only 1.2% in 2023 compared to 2022. As such, renewable energy sources accounted for almost 30% of global electricity generation by 2023. The Renewable Energy Statistics 2025 shows over 70% of renewables capacity growth occurred in Asia, while other regions particularly Africa lagged behind. About the International Renewable Energy Agency (IRENA) IRENA is the lead intergovernmental agency for the renewables-based energy transition in pursuit of a systemic change across the energy sectors. A global energy agency comprised of 169 countries and the EU, with 14 additional countries in accession, IRENA provides knowledge, technical assistance and capacity building, project and investment facilitation. The Agency enables international cooperation and partnerships to fight climate change and promote sustainable development, energy access, energy security and resilient economies and societies. Contact information: Nicole Bockstaller, Chief, Communications Officer, IRENA, nbockstaller@
Mint
01-07-2025
- Business
- Mint
Global green energy growth on course but lags target, says International Renewable Energy Agency official
New Delhi: Global renewable energy capacity is expanding, but not fast enough to meet the world's energy transition targets, said Gauri Singh, deputy director general of the International Renewable Energy Agency (IRENA). Singh, however, expressed optimism about the overall trajectory in the green energy space, noting that the transition remains on course due to the 'strong business case" for renewables. 'We are in a very challenging space geopolitically, but we are making good progress towards meeting the tripling target for 2030. I won't say it's sufficient, but it's quite optimistic," Singh said in an interview. "We are at about 4.5 terrawatts. We need to be nearly 11 terawatts (11,000 GW) by 2030. That would require a growth of about 16% plus, and we are not there as yet. We need to deploy at least 1,100 GW every year, and last year, which was a record globally, we had a deployment of about 485 GW of renewable power," she said. At the COP28 or United Nations Climate Change Conference in 2023, global leaders committed to tripling the renewable energy capacity to 11 terawatts. Investment disparity Singh also stressed the need to reduce the disparity in terms of investments in sustainable and green power sources worldwide. Citing IRENA data, Singh noted that out of the total green power investments made in 2023, about 84% went to China, the European Union, and the US. "There is a very clear geographical disparity in terms of where the investments are going. If you look at the developing countries, they definitely remain quite underfunded... Investments in Africa in 2023 fell by almost half from about $9 billion to about $4.7 billion. That's a huge fall in terms of investments going into developing countries in Africa," she said. Singh, a senior IAS officer, also weighed in on the need for low-cost capital for developing countries, apart from the need for funds. While emphasizing that the quantum of investments and funds has to be larger than the current levels, she added that the cost of capital has to be lower. "For developing countries, the cost of capital remains quite high and there are also currency risks that serve to dampen the investments that go into the market," she said. She noted that India has been a key emerging market, which has shown momentum in fund deployment and renewable energy capacity addition. In FY25, India added a total of 33 GW of power generation capacity, out of which about 29.5 GW came from renewable energy sources, according to government data. According to data from Council on Energy, Environment and Water (CEEW), the share of renewable energy in India's total foreign direct investment (FDI) inflows rose from 1% in FY21 to 8% in FY 2024-25. Further, India's green energy sector attracted $3.4 billion in FDI in the first three quarters of FY25, nearly matching the total FDI inflows for the whole of FY24. Rare earths concern On growing concerns over the supply chain for rare earth elements—especially after China's export ban on rare earth magnets—Singh said regional cooperation and strategic alliances are essential. There are no short-term fixes. "There has to be a medium to long-term kind of plan that has to be put in place. There has to be visibility for investors to be able to put in capital, to be able to provide that kind of diversification and resilience that we need for the supply and to be able to produce in India many of the critical minerals or to process to the level that we need them," she said. Auto and renewable energy industries across the globe are facing a rare earth magnet supply crunch after China, which dominates the global critical mineral supply chain, announced the ban in April. Noting that India has the technical potential to mine critical minerals, Singh said a strong policy and regulatory framework are key for scaling up. Regarding energy security concerns, the deputy director general said that until energy storage systems, including batteries, become cost- effective, conventional sources like coal and nuclear would continue to play a key role in baseload capacity. Baseload power refers to the minimum amount of electric power needed to be supplied to the electrical grid at any given time. "Energy security has become a very major concern of most of the countries and that is leading the counties to think afresh about how they are viewing energy security in the coming years and because of geopolitical challenge that comes up… Till we have storage happening at very competitive rates at utility scale, there is an important aspect for counties who need to make sure that the lights stay on and there's also this very strong angle of energy security that has become very dominant in energy discussions." Several countries, including India, have ramped up their conventional power generation capacities in tandem with the green power addition, amid rising demand and geopolitical challenges. India aims to add 80 GW of coal-based power generation capacity by 2032 to meet the surging power demand. The government is also looking at increasing the share of nuclear power in the overall energy basket. On the recent blackouts in Europe, where green power plays a key role, she said energy transition cannot be without glitches. 'These are things that will happen. These are realities of the world." The focus must be on developing the foundation for building energy systems that can integrate more renewables. "I think that's the direction we have to take and not get lost in short-term things that we are seeing."
Euronews
24-06-2025
- Business
- Euronews
Baku Energy Forum: Can global cooperation deliver climate goals?
The 30th Baku Energy Forum gathered energy leaders to tackle global energy security, sustainability, and transition targets. Atsuko Hirose of the International Energy Charter highlighted new treaty amendments now covering hydrogen, ammonia and carbon capture. Gauri Singh of IRENA warned that current efforts fall short of tripling renewables by 2030, citing the need for $1.5 trillion in annual investment. She pointed to rising deployment in China, the US and EU, but called for more affordable capital in emerging markets. Singh also stressed that future grids must be smarter, more digital, and more inclusive of intermittent sources. She closed on a hopeful note: the next generation of energy leaders is already showing up in force.
Forbes
23-06-2025
- Science
- Forbes
Women In Engineering: Climate Impact And The Call For More Equity
Engineer at solar station. As the world races to meet net-zero targets, the role of women engineers has never been more critical. Today we celebrate International Women in Engineering Day 2025, under the theme 'Together We Engineer.' Female engineers have been impactful in renewable energy systems, sustainable infrastructure. Women are designing, building, and maintaining the future of our planet. The Numbers Show That We Need More Women in Engineering According to a UNESCO Science Report, women account for just 28% of engineering graduates globally. In the United States, only 13.7% of the engineering workforce are women, according to an Engineer Choice report. The underrepresentation is stark, however there is a lot of effort being made to increase these numbers globally through STEM clubs and books that introduce girls to different STEM fields including engineering. There are also engineers in the sustainability space like Rose Mutiso, who is the Research Director at the Energy for Growth Hub, whose work bridges energy equity and climate resilience across Sub-Saharan Africa through tailored infrastructure and policy innovation. According to IRENA's 2023 report, over 13 million people worked in renewable energy in 2022, yet only 32% were women, and most of those were in non-technical roles. In order to accelerate climate solutions, we must increase female participation in core engineering and energy leadership positions as women bring a different perspective to the sector that they are involved in. The professionals designing solar microgrids, optimizing battery storage, and advancing hydrogen and geothermal systems are vital to our future, and women are excelling in these roles. They bring not just technical expertise, but also empathy-led design, community-centered solutions, and systems thinking. These qualities are essential for building resilient, inclusive, and sustainable infrastructure. A McKinsey & Company study found that companies with higher gender diversity had 36% more revenue from innovation compared to those who do not. Additionally women are also underrepresented at all levels of the corporate pipeline. Equity is not a checkbox, it is a catalyst for innovation. Women Moving from Recognition to Action Climate change is not gender neutral. According to the United Nations, 80% of people displaced by climate change are women, due to their disproportionate reliance on natural resources, caregiving roles, and limited access to economic and decision-making power. In low-income and rural communities, women are often responsible for food, water, and fuel collection, which are becoming increasingly scarce due to climate-related disasters. Coupled with this, these intersecting vulnerabilities compound the risk of climate-driven social and economic instability. As a result, climate action must therefore be inclusive by design, with policies and technologies that protect and empower the most affected. Companies, governments, and academia must invest in mentorship, scholarships, and structural reforms to ensure the pipeline of female talent not only opens but flows and thrives. On this International Women in Engineering Day, we should pause and honor the women already engineering change and commit to empowering the ones of the future because, together, we engineer not just systems but a sustainable future.
