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A record of 500GW of renewable energy to be added in 2023

Investment in clean energy has increased 40% since 2020, with a record of more than 500GW of renewable generation capacity added in 2023 alone, according to the latest IEA Energy Outlook report. In particular:

  • in 2020, one in 25 cars sold was electric; in 2023, it’s one in 5
  • more than 500GW of renewables generation capacity set to be added in 2023
  • more than US$1 billion a day is being spent on solar deployment
  • fossil fuels — coal, oil and natural gas — to peak before 2030
  • 50% of new US car registrations will be electric in 2030 in the Stated Policies Scenario

“This momentum is why the IEA recently concluded, in its updated Net Zero Roadmap, that a pathway to limiting global warming to 1.5 °C is very difficult – but remains open”

— IEA, World Energy Outlook 2023
Fossil fuel consumption by fuel in the Stated Policies Scenario 2000 2050 - The Oregon Group - Investment Insights

As we highlight on The Oregon Group, such a pace of energy transition will require an historical amount of minerals. The IEA estimates demand for copper, silicon and Rare Earth Elements almost x2 to 2030 in the Stated Policies Scenario and x2.5-fold in the Announced Pledges Scenario

  • current copper demand of around 6 Mt per year rises to 11 Mt by 2030 in the Stated Policies Scenario and 12 Mt in the Announced Pledges Scenario
  • lithium demand sees biggest increase, with demand for lithium for battery storage systems and EVs increasing more than x5 from its current level by 2030 in the Stated Policies Scenario and nearly x7 by 2030
Demand for critical minerals for selected clean electricity supply and electrification technologies - The Oregon Group - Investment Insights

Our analysis on whether Latin America help support the global demand for lithium:

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The Oregon Group

The Oregon Group

The Oregon Group is an investment research team founded by independent capital markets experts, Anthony Milewski and Justin Cochrane.

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