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IEA report forecasts US$2 trillion clean energy market growth, challenging oil industry dominance

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The International Energy Agency’s (IEA) Energy Technology Perspectives 2024 report predicts rapid expansion in the clean energy market, with investments in solar PV, wind, electric vehicles, batteries, electrolysers, and heat pumps expected to triple by 2035, reaching over US$2 trillion.  This anticipated growth could rival the economic scale of the global oil market, marking a pivotal shift towards a sustainable economy. IEA Executive Director Fatih Birol highlighted the interlinking of energy, industry, and trade policies…

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BW ESS acquires full stake in Penso Power

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BW ESS has acquired the remaining stake in Penso Power, integrating their engineering, project delivery, and commercial capabilities to enhance utility-scale energy storage worldwide. Financial details of the deal were not disclosed. Penso Power’s founders will join the merged entity’s senior management team. BW ESS’s acquisition adds over 2GW of Penso Power’s energy storage pipeline in the UK and Australia, increasing its total pipeline to 5GW across multiple regions. The companies are currently constructing the…

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Global perspectives on rooftop solar energy: Leading economies and strategies

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The global energy transition is gaining momentum, and rooftop solar (RTS) systems are playing a significant role in addressing the world’s growing energy demand. With projections suggesting a 75% increase in global electricity demand by 2050 (IEA 2022), geopolitical disruptions, such as the Russia-Ukraine conflict and the COVID-19 pandemic recovery, have further underscored the need for a shift toward renewable energy (RE) sources. Solar photovoltaics (PV) in particular, including distributed solar technologies, are well-positioned to…