A new report by fintech consultancy Juniper Research has found that renewable energy technologies could remove more than 2.4 gigatonnes (Gt) of CO2 globally by 2029, representing a 25% jump from current levels. The firm also forecast an increase from 9,603.3 terawatt hours (TWh) of total renewable energy in 2024 to 11,980.6 TWh in 2029, which would see 7% of electricity capacity attributable to renewables. According to Juniper, international treaties such as the Paris Agreement have been driving a growth in global renewable energy capacity and binding countries to spend more on renewable energy technologies and commit to the clean energy transition. The research contains insights on market dynamics – including on challenges within the renewable energy market such as with offshore wind projects – key takeaways as well as strategic recommendation and industry benchmark forecasts. Juniper also found that advancements in solar power from initiatives like the US Inflation Reduction Act have helped to accelerate private investment in solar capacity, suggesting that CO2 savings could “grow exponentially”. The study projected that total CO2 saved thanks to solar power would grow by 58% between 2024 and 2029 – removing 0.61 Gt by 2029.
