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2023: The Near Future Of Renewables

By 2024, almost 33 percent of the world’s electricity is forecast to come from renewables, with solar photovoltaic (PV) accounting for almost 60 percent (or at least 697 gigawatts) of expected growth

E-Techno. By 2024, almost 33 percent of the world’s electricity is forecast to come from renewables, with solar photovoltaic (PV) accounting for almost 60 percent (or at least 697 gigawatts) of expected growth, according to Renewables 2019, a report from the International Energy Agency published in November 2019. Onshore wind (309 GW), hydropower (121 GW), offshore wind (43 GW) and bioenergy follow (41 GW). Drastically lower production costs, growing concern around climate change, evolving global energy policies and increased pressure from investors on companies to adopt environmental social governance (ESG) polices are pushing renewables into the mainstream.

This year alone, more than 12 large U.S. coal companies had filed for bankruptcy as of October 2019, in a signal of the shifting landscape. In Australia, the National Electricity Market showed that on Nov. 6, renewables reached a milestone—powering 50 percent of the country’s main electricity grid. Rooftop solar provided nearly
24 percent, followed by wind (about 16 percent), large-scale solar (about 9 percent) and hydro (about 2 percent). In Germany, a Norwegian company is running one of Europe’s largest power generation facilities and doing it virtually, in an innovative example of how the sector could overcome challenges that arise when there’s little wind or sun to generate power.

The plant, which according to CNN Business could power 5 million homes, uses a cloud-based artificial intelligence program to link more than 1,500 wind, solar and hydropower plants across the continent with electricity generation and storage facilities like batteries. Renewables used to just be the more sustainable—if more
expensive— option. By 2023, they will actually make good business sense. In 2023: The Near Future of Renewables, we present our predictions for how the sector will reimagine itself by capitalising on this scalable green wave, based on research and collective input from BDO’s Natural Resources leaders around the world.

In addition, we highlight a top prediction from each of the practice leaders in nine countries: Australia, Canada, France, Malaysia, New Zealand, Portugal, South Africa, the United Kingdom and the United States. (red/ dikutip dari:bdo.global)

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