Outdated power grids are slowing the global transition to renewable energy, with 3,000 GW of clean energy projects, many in advanced stages, stuck in grid-connection queues. This figure is five times the total solar and wind capacity added in 2022, according to the International Energy Agency (IEA).
While renewable energy investment has nearly doubled since 2010, annual spending on grid upgrades has stagnated at $300 billion. The issue is particularly pressing in developing nations like India, where ageing infrastructure, financial challenges, and legacy contracts with fossil fuel producers are hindering the clean energy transition. Jefferies Financial Group warns that without substantial grid improvements, achieving net zero emissions will remain a significant challenge.
– Bloomberg