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The world is ‘at the dawn of a new industrial era,’ says IEA

Wind turbine blades taken at a facility in Hebei, China on July 15, 2022.

VCG | VCG | Visual China Group | Getty Images

According to a new report from the International Energy Agency, the world is moving into a “new era of clean technology manufacturing” that will be worth hundreds of billions of dollars annually by the end of 2010, creating millions of jobs along the way. may be produced. .

The IEA’s Energy Technology Perspectives 2023 report, published Thursday morning, has been dubbed “the dawn of a new industrial era,” with the manufacturing of technologies such as wind turbines, heat pumps, electric vehicle batteries, solar panels and hydrogen electrolysers. I’m paying attention.

In a statement accompanying the report, the IEA said the “major global market for mass-produced clean energy technologies” will be worth about $650 billion annually by 2030, more than triple its current level. I said that it shows the results of the analysis of Naruhito.

There is a caveat to the Paris-based organization’s forecasts. It is based on countries around the world fully implementing their energy and climate commitments. This is a significant challenge that requires both political will and financial power.

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“Related clean energy manufacturing jobs will more than double by 2030 from 6 million today to nearly 14 million by 2030,” the IEA said.

Despite the above, the IEA noted that there are potential headwinds related to supply chains, long-standing problems that have heightened geopolitical tensions, and the sharp easing of the coronavirus pandemic in recent years.

That report highlights “potentially dangerous levels of concentration in clean energy supply chains, both for the manufacturing of technologies and the materials they rely on.”

China dominates both the production and trade of “the cleanest energy technologies,” he said.

Regarding mass production technologies such as batteries, solar panels, wind power, heat pumps and electrolysers, the IEA said the three largest producers “account for at least 70% of manufacturing capacity for each technology, with China dominant in all of them.” There is,” he said. .”

“On the other hand, most of the mining of important minerals is concentrated in a few countries,” he added.

“For example, the Democratic Republic of the Congo produces over 70% of the world’s cobalt, and just three countries – Australia, Chile and China – account for over 90% of the world’s lithium production.”

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“The planet will benefit from a more diversified clean technology supply chain,” said Fatih Birol, IEA Executive Director, of the report.

“As we have seen with Europe’s reliance on Russian gas, too much reliance on one company, one country or one trade route risks paying a high price in the event of disruption. there is,” he added.

This isn’t the first time Birol has spoken out about the geopolitical aspects of the world’s shift toward a future centered around low-carbon technologies.

Birol told CNBC in October. Energy security, not climate change, is the main driver for investing in clean energy.

Birol, who looked up the names of the U.S. Inflation Reduction Act and other packages in Europe, Japan and China, said, “There has been a huge increase in investment in clean energy, about [a] 50% increase,” was said.

“It’s about $1.3 trillion right now, and it’s going to be about $2 trillion,” Birol told CNBC’s Juliana Taterbaum.

“As a result, clean energy, electric vehicles, solar, hydrogen and nuclear will slowly but surely replace fossil fuels.”

“And why are governments doing it? Because of climate change, because of the greenness of the issue? Not at all. Energy security is the main reason here.”

Birol says energy security is “the biggest driver of renewable energy.” He also acknowledged the importance of other factors, including those related to climate.

“Concerns about energy security, addressing climate…industrial policy, all three together is a very powerful combination,” he said.

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https://www.cnbc.com/2023/01/12/the-world-is-at-the-dawn-of-a-new-industrial-age-iea-says-.html The world is ‘at the dawn of a new industrial era,’ says IEA

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