A recent study by Juniper Research indicates that renewable energy will significantly increase its global CO2 savings over the next five years.
According to the report’s findings, these savings are set to grow by 25% by 2029, equating to a reduction from nearly 2 gigatonnes (Gt) in 2024.
The research highlights the impact of international agreements like the Paris Agreement in fostering the expansion of renewable energy capacities worldwide. Rather than expecting a sharp increase in spending, the study suggests a steady growth in investments as countries aim to meet their carbon neutrality objectives.
A segment from the report, titled “Global Renewable Energy Technology Market 2024-2029,” is currently available for free download, offering detailed insights into these trends.
Solar to lead growth in CO2 savings
The report identifies key incentives, such as the US Inflation Reduction Act, that are poised to accelerate private investments in solar energy. This legislation supports solar expansion through tax credits and other measures, making solar photovoltaic (PV) systems more accessible.
Innovations are also set to enhance the efficiency of solar power. The introduction of pyramidal lenses, for example, which focus light on a single cell without the need for motorised panels, is expected to reduce installation costs for commercial entities.
Projections within the study suggest that the total CO2 savings attributable to solar power will see a significant increase of 58% from 2024 to 2029, ultimately saving 0.61 Gt by the end of the period.
