The Development Situation of the Renewable Energy Sector Worldwide in the First Half of 2024

The Development Situation of the Renewable Energy Sector Worldwide in the First Half of 2024

Strong Growth in Renewable Energy

In the first half of 2024, the renewable energy sector experienced strong growth and significant investments globally. According to the International Energy Agency (IEA), global renewable energy capacity increased by 50% compared to the same period in 2022, led by solar and wind energy projects. It is projected that renewable energy capacity will reach 7,300 GW by 2028, surpassing coal to become the largest source of global electricity generation by early 2025​ (IEA)​.

Major Investments in Green Energy in India

India has significantly ramped up investments in renewable energy, with an expected increase of 83% to $16.5 billion in 2024. The country is focusing on expanding solar and wind energy projects, as well as developing green hydrogen initiatives. The Indian government has launched the National Green Hydrogen Mission, aiming to produce 5 million tonnes of green hydrogen annually by 2030. Major ports such as Deendayal, Paradip, and V O Chidambaranar (Tuticorin) will become green hydrogen hubs​ (BusinessToday)​.

Shell's Energy Transition Strategy

Shell has announced its Energy Transition Strategy for 2024, committing to invest $10-15 billion in low-carbon energy solutions between 2023 and 2025. This investment will support the development of renewable energy projects and the transition to a more sustainable energy mix. Shell's strategy is part of its broader "Powering Progress" initiative, focusing on achieving net-zero emissions and enhancing energy efficiency​ (Shell Global)​.

Deloitte's 2024 Renewable Energy Outlook

According to Deloitte's report, the combined impact of federal investments and decarbonization demands is driving the growth of the renewable energy sector in the United States. The Energy Information Administration (EIA) forecasts that renewable energy capacity will grow by 17% to 42 GW in 2024, driven by policy support from the Inflation Reduction Act (IRA) and the Infrastructure Investment and Jobs Act (IIJA). These policies are expected to enhance the competitiveness of utility-scale solar and onshore wind projects, despite challenges such as high financing and labor costs​(Deloitte United States)​.

Focus on Green Hydrogen

In addition to solar and wind energy, green hydrogen is being increasingly emphasized to reduce dependence on fossil fuels. Initiatives like India’s National Green Hydrogen Mission and various green hydrogen projects in other countries are attracting significant interest and investment. Green hydrogen is seen as the future of clean energy, with great potential to decarbonize heavy industries and transportation sectors.

Conclusion

The global renewable energy sector is undergoing a period of robust growth with significant investments and technological advancements. Countries like India, the United States, and major corporations like Shell are leading efforts to promote green energy projects. With support from national and international policies, the renewable energy sector is poised to meet global climate goals and build a more sustainable future.

Detailed information can be found in reports from the IEA, Deloitte, and press releases from Shell and other organizations in the renewable energy sector​ (IEA)​​ (Deloitte United States)​​ (BusinessToday)​​ (Shell Global)​.