Electric Vehicle sales will reach 50% of global passenger market by 2031. Annual solar installations increased 80% last year as it beat coal on cost in many regions.

“2024 is likely the year of peak emissions

* From next year, emissions are likely to decline for the first time since the industrial revolution and are set to almost halve by 2050
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* Renewables grow 2.2x from now to 2030, well behind the COP28 goal of tripling
* We forecast the planet will warm by 2.2 °C by end of the century
* Rapid growth of solar PV and batteries, but slow developments in CCS and hydrogen
* Plunging costs of solar and batteries are accelerating the exit of coal from the energy mix and stunting the growth of oil
* Annual solar installations increased 80% last year as it beat coal on cost in many regions
* Wind remains an important driver of the energy transition, contributing to 28% of electricity generation by 2050, with offshore wind growing 12% annually
* EV sales increased 50% last year and are on track towards a 50% global passenger EV sales share in 2031.
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* Hydrogen and its derivatives are likely to account for only 4% of final energy demand in 2050 – while our forecast last year was 5%
* Whilst we are slightly more optimistic than last year about carbon capture and storage, only 2% of global emissions will be captured by CCS in 2040 and 6% in 2050”