Importance of Renewable Energy Gets a Bump Heading Into 2023 According to The International Energy Agency

The International Energy Agency increased their renewable energy forecast for 2023 by 30% as we head into the new year.

According to IEA, “This massive expected increase is 30% higher than the amount of growth that was forecast just a year ago, highlighting how quickly governments have thrown additional policy weight behind renewables”. This increase in growth has been attributed to many factors such as advances in technology, increased budgets and higher social importance being placed energy across the globe.

Michael Davies, Founder of Green Econometrics, gives his insight into exactly how those factors are affecting the increased forecast and what other key changes might be at play.

Michael’s Thoughts on New Forecasts from The International Energy Agency

“The International Energy Agency has increased the forecast by 30% from last year for renewable energies, and this demonstrates the importance of renewable energy in the face of global issues and changing technologies, specifically energy transformation trends such as electric vehicles and energy storage technology.

ESG investing is getting the attention of senior executives focusing on net zero initiatives, improving solar and wind deficiencies, and cost, also energy efficiency in the face of Russia’s invasion of Ukraine and climate change.”

Click here to read further thoughts from Michael Davies on what it will take to tackle the global energy crisis.