The UN climate summit in Antalya kicks off with a push for 35% clean electricity by 2035. Meanwhile, the IEA reports that global renewable deployment is set to fall 11% this year to 733GW, the first slowdown in over two decades, as China's blistering pace slows due to market changes. Emerging economies, including India and parts of Africa, are accelerating wind and solar installation, offsetting some of the decline.
The report warns that the COP28 goal to triple renewable capacity by 2030 remains off track without significant grid investment and faster permitting. China's share of global expansion is expected to drop from 60% to 53% by 2031, while other nations like India gain momentum. Brent crude prices have surged 29% since February, highlighting the growing urgency for energy diversification.
Source: Financial Times Companies · Summarized by HeadlinesBriefing