The world’s renewable energy industry grew at its fastest pace since 1999 last year, according to the International Energy Agency. Completion of renewable energy projects grew by 45% last year, establishing a new standard for growth in the future.
With growing appetite for clean energy from governments and businesses, the record increase is expected to become the new normal. Alongside the pillars of wind and solar, there is an increase in other key renewable sources such as hydropower, bioenergy and geothermal.
This growth follows recent pledges by the UK and US governments to cut carbon emissions in the push towards Net Zero. This surge has prompted the IEA to increase its renewable energy forecasts for the coming years by 25%.
The capacity for growth is further boosted by the vast potential for climate tech, specifically artificial intelligence (AI), machine learning and data analytics to drive efficiency in the energy and renewables sector. The deep integration of cutting-edge tech into clean energy is critical in decarbonisation and acceleration towards Net Zero.
AI will also become an essential climate tech tool, managing the increased complexity of energy systems. Historically, adoption of AI in the energy industry has been slow and disjointed. A sector-wide approach to accelerating and scaling the adoption of AI in the UK energy system can rapidly increase its efficiency and reliability, sustainably lighting the road to Net Zero.