BDO’s top predictions for the global renewable marketby 2023 include

Renewables used to just be the more sustainable—if more expensive—option. By 2023, they will 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.

1. The future of solar is bright – Although slowed slightly by geopolitical tension and trade uncertainty, solar capacity will continue to grow over the next several years—surpassing a terawatt of global solar power generation by 2023.
2. Storage takes centre stage – Storage will take its rightful place as a key grid asset by 2023, helping to increase the reliability and resilience of increasingly decentralised power systems. The adoption of diverse energy storage solutions, including longduration batteries for utility-scale renewable integration, will grow by at least 30 percent year-over-year leading up to 2023.
3. No headwinds for wind power – Wind power will continue to grow, with increased storage capabilities developed specifically for on and offshore wind, helping to improve the economics and productivity of such projects. Half of the 2023 global investments in wind will go towards offshore technology and projects.
4. The energy convergence continues – Natural resources companies, from mining to oil and gas, will continue to invest in clean or renewable energy technology, including carbon capture, utilisation and sequestration—both to diversify their portfolios and reduce their corporate carbon footprints. By 2023, 20 oil and gas majors will have joined the Oil and Gas Climate Initiative, up from 13.
5. Cleantech investments soar – Following a cycle of disappointing returns, private equity and venture capital will return to the cleantech space in full force. Whether called cleantech or climate-tech, the regulatory, economic and scientific impetus for these technologies will see $600 billion dollars in global private investment by 2023.