Atradius – Energy Outlook, 2024

The Atradius Energy Outlook for 2024 highlights ongoing progress in the global energy transition, despite concerns of falling off track after the COP28 summit. The report notes increased government intervention, energy efficiency improvements, and lower CO2 emissions following the Russian invasion. Bright spots include China's leadership in the energy transition, decreased technology costs, and growing competitiveness of clean energy. The outlook predicts an earlier peak in fossil fuel demand, increased deployment of renewables, and advanced economies leading in cleaner energy consumption. However, emerging economies outside of China require more commitments and funding to catch up. While the gap between announced and implemented policies is narrowing towards the goal of Net Zero Emissions by 2050, more efforts and funding are still needed. The report focuses on the record growth in renewable capacity in 2023, driven by high oil and gas prices, energy security concerns, and supportive policies. China is expected to lead in renewable capacity additions, with solar PV becoming the dominant electricity source by 2030. Investments in the electricity sector and grid infrastructure are crucial to meet the growing demand for renewable energy and ensure reliable supply. Speeding up the permissions process is also highlighted as necessary for the continued growth of renewables.