Renewable Energy Tech to Save Over 2.4 Gt of CO2 by 2029

A new study from Juniper Research found that the total amount of CO2 saved globally through renewable energy will grow by 25% over the next five years. These savings, compared to a fully non-renewable energy system, will rise from almost 2 Gt (Gigatonnes) in 2024.

The research found that international agreements, such as the Paris Agreement, are pushing the growth of global renewable energy capacity and binding countries to spend on renewable energy technologies and commit to the clean energy transition. A large spike in spending is not predicted; rather a steady growth with careful energy management, whilst countries focus on expanding their capacity and reaching carbon neutrality goals.

The research identified that various incentives, such as the US Inflation Reduction Act, will significantly accelerate private investment in solar. The Act offers significant support for solar expansion via measures such as tax credits, which will increase solar capacity by making private solar PV systems more accessible to consumers.

Furthermore, solar energy would benefit from several innovations, including pyramidal lenses. This passive technology captures light and focuses it on a single cell, removing the need for motorized panels that move with the sun and further reducing commercial installation costs. These advancements mean that solar capacity and resultant CO2 savings will grow exponentially. The study projects that total CO2 saved by solar power will increase by 58% between 2024 and 2029, saving 0.61 Gt by 2029.