The Demand for energy services is rising rapidly, led by emerging and developing economies, but the continued progress of transitions means that, by the end of the decade, the global economy can continue to grow without using additional amounts of oil, natural gas or coal, say an analysis by the International Energy Agency (IEA).

The next phase in the journey to a safer and more sustainable energy system is set to take place in a new energy market context, marked by continued geopolitical hazards but also by relatively abundant supply of multiple fuels and technologies.

IEA's analysis shows clean technology costs are coming down, but maintaining and accelerating momentum behind their deployment in a lower fuel-price world is a different proposition.

Accordingly, clean energy is entering the energy system at an unprecedented rate, including more than 560 gigawatts (GW) of new renewables capacity added in 2023, but deployment is far from uniform across technologies and countries.

Investment flows to clean energy projects are approaching $2 trillion each year, almost double the combined amount spent on new oil, gas and coal supply – and costs for most clean technologies are resuming a downward trend after rising in the aftermath of the Covid-19 pandemic.

This helps renewable power generation capacity rise from 4 250 GW today to nearly 10,000 GW in 2030.

Together with nuclear power, low emissions sources are set to generate more than half of the world’s electricity before 2030.