Decoupling Of Global Economic Growth From Emission Growth Continued In 2024: Report

Emerging and processing economies (EMDEs) accounted for complete 80% of nan maturation successful world power demand, pinch China and India being awesome contributors arsenic world energy-related c emissions roseate 0.8% to a record-breaking 37.8 Gt successful 2024 arsenic power request surged 2.2%, according to study from Kotak Institutional Equities.

However, nan metallic lining was that nan emanation maturation complaint was little than nan world GDP maturation complaint of 3.2%, restoring nan decades-long inclination of nan decoupling of emanation maturation from economical growth, which saw a deviation successful 2021.

The accelerated deployment of 5 cardinal cleanable power technologies—solar PV, upwind power, atomic power, electrical cars and power pumps—from 2019 to 2024 played a important domiciled successful this decoupling. These technologies now forestall 2.6 Gt of emissions p.a. which is 7% of world energy-related Co2 emissions.

India witnessed record-breaking additions of 34 GW (based connected IEA estimates) successful star PV and upwind capacity successful 2024. The country’s target of reaching 500 GW of renewable power capacity by 2030 will require important investments of US$175 bn. Further, an further finance of $60 bn will beryllium required for energy transmission and distribution to accommodate incremental renewable power capacity.

“This will lead to a immense opportunity for -- superior bully companies engaged successful EPC, creation and O&M for renewable power procreation arsenic good arsenic transmission and distribution; and plus owners related to nan renewable power space,” noted nan report.

Energy related emanation was driven by higher energy request (4.3% YoY) to meet nan rising cooling needs owed to nan higher temperatures, increasing business consumption, electrification of carrier and description of information centres.

“The world powerfulness procreation operation is evolving toward renewables and atomic energy, which contributed 40% of full powerfulness generation, pinch ember accounting for 35% of nan full powerfulness procreation successful 2024,” it said.

Non-fossil substance power sources, chiefly renewables and nuclear, recorded nan highest maturation astatine 5%, contributing astir half of nan full maturation successful world power proviso for nan year, pinch renewables increasing 6% and atomic powerfulness procreation 4%. 

Published on: Apr 21, 2025 3:36 PM IST