Renewables evolution or revolution? Pace of tech investments will decide

Global investment in energy transition technologies needs to more than double over the next few decades to significantly reduce the cost of renewables, which are set to provide around 60% of the world’s energy needs by 2030, industry officials say.

A breakthrough in commercial technology to decarbonise projects could reduce both project time and costs, policy advisors and company executives told the Reuters Global Markets Forum, during sessions held last week.

“The 2020s have to be a decade of innovation and early deployment – of low-carbon hydrogen – to get costs down,” said Tim Gould, head of division for energy supply outlooks and investment at the International Energy Agency (IEA).