Net Zero World by 2050: A Blueprint for Transformative Change: WEF 2024 Annual Meeting at Davos

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Global Renewable Capacity: The world added a record renewable energy capacity in 2023 reaching around 507 GW. While this is a robust increase of nearly 50% over 2022, we need to triple global renewable capacity to tame the energy demand beast. Over the next five years, solar and wind power additions are projected to more than double with an addition of almost 430GW by 2028.

India will add 205GW of this amount and become the third-largest market in the world for renewables. While there is little doubt that ramping up renewable energy will be pivotal for energy transition, there are many more complex pieces that need to fall in place. Electricity Consumption and Decarbonisation: The twenty-first century has seen global energy consumption growing faster than the previous century with an average annual increase of 3.4% as against 1-2% earlier.

In 2022, the world’s electricity consumption reached approximately 25,500 terawatt-hours. India is also moving on the same path with electricity consumption increasing by nearly 8% to 847 billion units in the first half of FY24 with peak power demand reaching a record high of 241 GW. And it continues to grow.

This is a challenge as well as an opportunity rolled into one. This energy is sourced from clean, green sources that can power a sustainable engine of economic growth which will benefit humanity exponentially, especially the more vulnerable nations. India stands to gain not just in terms of a faster growing and globally competitive economy but also as a dependable supply chain hub for the world’s green energy demands.