IEA Expects Potential $1 Trillion Market For Manufacturers Of Renewable Energy Equipment

(@FahadShabbir)

IEA Expects Potential $1 Trillion Market for Manufacturers of Renewable Energy Equipment

MOSCOW (UrduPoint News / Sputnik - 13th October, 2021) The International Energy Agency has predicted that manufacturers of clean energy equipment may potentially find an untapped market of more than $1 trillion a year as the world moves towards reducing emissions to zero.

The report predicts the future of energy and emissions under three scenarios: Net Zero Emissions by 2050 Scenario (NZE), Announced Pledges Scenario (APS), Stated Policies Scenario (STEPS). The NZE scenario describes a pathway towards global net zero emissions by 2050. The APS scenario assumes that all countries around the world will honor their climate commitments in full and on time. The STEPS scenario reflects the effect of current energy policies and plans.

"In the NZE, there is an annual market opportunity that rises well above USD 1 trillion by 2050 for manufacturers of wind turbines, solar panels, lithiumion batteries, electrolysers and fuel cells. This is comparable in size to the current global oil market," the report reads.

The report was released ahead of the UN Climate Change Conference, or COP26, which will take place in Glasgow from October 31 to November 12. The UN climate conference, which was canceled last year because of the COVID-19 pandemic, will seek to speed up the implementation of the groundbreaking Paris Agreement that aims to bring annual global temperature increase to under 1.5 degrees Celsius.