2Billion When economies shift from fossil fuels to green energy

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Climate-related disasters will become less frequent and severe. Tip To reduce your business's carbon footprint, try implementing a zero-waste initiative, harnessing renewable energy sources, cutting business travel to reduce emissions and educating your team on carbon accountability. What is the current and projected global market for energy? We’ll examine the current state of fossil fuel-based energy and renewable energy in the global market. Fossil fuels and the global market Fossil fuels dominate the power sector and will remain a significant energy source for at least the next 10 years.


According to an IEA report, renewable energy provi list of jordan cell phone numbers ded 30 percent of total global energy generation in 2023 and is on track to grow to 37 percent by 2026. Renewable energy and the global market According to Allied Market Research, the global renewable energy market is expected to reach $1,977.6 billion in 2030, growing at a compound annual growth rate of 8.4 percent from 2021 to 2030. The IEA report cited above stated that in 2023, renewable energy constituted 30 percent of global energy production, including electricity, heating and transportation.


Renewable energy generation is projected to grow 3.8 percent year over year from 2024 to 2028. Here’s a look at renewable energy’s most significant sectors, according to the 2023 IEA Renewables report: Hydropower: Hydropower is the most significant renewable energy source — its energy output is more than that of all other renewable energy sources combined. In 2023, hydropower supplied more than a third (36 percent) of the total renewable energy generated, down from 41 percent in 2022.