Happy New Year, COP 28 and opportunities for Canada.
Happy New Year to you all from us at SOS Engineering:
Good news from the IEA:
The world has added 510 GW of renewable capacity in 2023, this is equivalent to the entire power capacity of Germany France and Spain combined.
From page 11 in the report from the link below, an opportunity for Canada and more specific an opportunity for the hydrogen industry in Alberta
Current hydrogen plans and implementation don’t match
Renewable power capacity dedicated to hydrogen-based fuel production is forecast to grow by 45 GW between 2023 and 2028, representing only an estimated 7% of announced project capacity for the period. China, Saudi Arabia and the United States account for more than 75% of renewable capacity for hydrogen production by 2028. Despite announcements of new projects and pipelines, the progress in planned projects has been slow. EIA has revised down the forecasts for all regions except China. The main reason is the slow pace of bringing planned projects to final investment decisions due to a lack of off-takers and the impact of higher prices on production costs. The development of an international hydrogen market is a key uncertainty affecting the forecast, particularly for markets that have limited domestic demand for hydrogen.
We suggest to read the RENEWABLES 2023 report in the attachment:
At the COP28 climate change conference in Dubai, more than 130 national governments including the European Union agreed to work together to triple the world’s installed renewable energy capacity to at least 11 000 GW by 2030. Renewables 2023 forecasts the deployment of renewable energy technologies in electricity, transport and heat to 2028 while also exploring key challenges to the industry and identifying barriers to faster growth. its provides detailed country-level analysis on the progress towards the global tripling target.