According to data from Fitch Solutions, between 2020 and 2030, non-hydropower renewable energy (mainly wind and solar energy) will account for 72% of the growth in global power generation capacity. Decarbonization.

The agency said in a report: With the increase in renewable energy power generation, support for thermal power projects will gradually continue to decline. Both coal and natural gas are facing increasingly severe challenges such as emissions review and investment security. By 2030, the proportion of non-hydropower renewable energy will increase from 12% in 2020 to 22%. Coal occupies a dominant position in the field of power generation, and it is expected to drop significantly by 2030, from 35% in 2021 to 29%.

Environmentally polluted coal is facing a serious rebound, because all countries in the world want to accelerate the energy transition, because the world is racing to achieve the goals of the Paris Agreement. The Paris Agreement requires the signatories to help limit global temperature rise to between 1.5°C and 2°C above pre-industrial levels, so that it will embark on a path to carbon neutrality by the middle of this century.

Accelerate carbon reduction

After the campaign restrictions implemented to curb the Covid-19 pandemic resulted in a significant drop in greenhouse gas emissions into the atmosphere, countries around the world have been seeking to control emissions. Fitch expects that the price of natural gas, which is considered a transitional fuel for Middle East oil exporters, will also fall, and its share will drop to 23.5% in the past decade. With the transformation of the green policy landscape and attention to the life cycle emissions of the value chain, the role of natural gas as a transition fuel is increasingly being questioned, Fitch Solutions said.

However, in the Middle East, Africa, and Latin America, regions with large reserves and continuous investment, natural gas will continue to record record growth. Natural gas will find it difficult to gain a foothold in Asia, and we expect Asian coal will still dominate. As markets become more interconnected, power grids become more intelligent and flexible, and battery storage options become cheaper and more widespread, the demand for natural gas to supplement renewable energy will decrease, the report said.

Keywords: overseas engineering, international engineering construction, foreign engineering construction news

The coal industry is under increasing scrutiny, and many lending institutions, including multilateral banks, have urged the gradual cancellation of financing for the coal industry.Editor/XuNing