iconiifl-logo-icon 1
IIFL

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

  • Open Demat with exclusive Advice & Services
  • Get a dedicated Relationship Manager to help you grow your wealth
  • Exclusive advisory on 20+ trading & wealth-based investment options
  • One tap Investments, Automated trading & much more
  • Minimum 1 lakh margin required
sidebar image

Renewable Energy Demand Soars Amid Solar Boom and Surging Fuel Prices

2 Jun 2023 , 03:23 PM

According to a new report, the world is on track to add a record amount of renewable electricity capacity this year as governments and consumers seek to balance rising energy prices and capitalize on the solar power boom.

High fossil fuel costs, resulting from Russia's invasion of Ukraine, and concerns about energy security, as highlighted by the International Energy Agency, have accelerated the development of solar and wind power projects, expected to reach 440 gigawatts in 2023.

The Paris-based agency estimates this to be approximately a third more than the capacity added in the previous year, bringing the total installed capacity to 4,500 GW, equivalent to the combined power output of the United States and China.

The increase in renewable energy capacity this year will largely be driven by photovoltaic systems, with both large-scale solar farms and residential rooftop installations experiencing robust growth.

The IEA also reported a rise in the manufacturing capacity for photovoltaic components, particularly in China.

However, a warning has been issued regarding the need to improve and expand power grids due to the intermittent nature of solar and wind generation. This calls for network operators to adopt a fundamentally different strategy compared to existing coal, gas, or nuclear facilities.

Shifting the global economy away from fossil fuels is one of the most crucial steps in reducing greenhouse gas emissions that contribute to global warming.

Experts emphasize the need to cut emissions by half by 2030 and achieve 'net zero' by the mid-century to fulfill the goals of the Paris Climate Agreement, which aims to limit temperature increases since pre-industrial times to 1.5 degrees Celsius (2.7 degrees Fahrenheit).

The International Renewable Energy Agency has also called for a significant increase in investment in wind and solar energy. Discussions on creating an international goal for renewable energy adoption are expected to take place at this year's UN climate meeting in Dubai.

For feedback and suggestions, please contact us at editorial@iifl.com.

Related Tags

  • Fossil Fuels
  • Renewable Energy
sidebar mobile

BLOGS AND PERSONAL FINANCE

Images
29 Mar 2024   |   10:14 AM
Images
28 Mar 2024   |   03:36 PM
Images
28 Mar 2024   |   03:01 PM
Images
28 Mar 2024   |   01:21 PM
Read More
Knowledge Centerplus
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Securities Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Knowledge Centerplus

Follow us on

facebooktwitterrssyoutubeinstagramlinkedin

2024, IIFL Securities Ltd. All Rights Reserved

ATTENTION INVESTORS
  • Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors.
  • KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."

www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.

RISK DISCLOSURE ON DERIVATIVES
  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to Rs. 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Copyright © IIFL Securities Ltd. All rights Reserved.

Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248

plus
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.