BRICS Reaches Clean Energy Milestone by End of 2024

Source: This post on BRICS Reaches Clean Energy Milestone by End of 2024 has been created based on the article “BRICS nations hit clean energy milestone: Fossil fuels to drop under 50% by end of 2024 for first time” published in Down to Earth on 23rd October 2024.

Why in news?

A report from the Global Energy Monitor highlights a significant turning point for the BRICS nations, where clean energy development is accelerating despite continued investments in coal, oil, and gas.

Major Energy Transition for BRICS

1. The BRICS group includes Brazil, Russia, India, China, South Africa, and recently added members Iran, UAE, Ethiopia, and Egypt. They are collectively responsible for a third of global GDP and carbon emission.

2. BRICS is now rapidly transitioning from coal, oil, and gas to renewable energy.

3. As per the report, BRICS nations will see fossil fuel capacity fall below 50% of their total installed power capacity by the end of 2024.

4. This marks the first time the BRICS group has crossed this milestone, showing a shift toward cleaner energy sources.

5. Non-Fossil Power Growth in 2024: In 2024, BRICS countries have added 190 GW of non-fossil power capacity, mostly from wind and solar.In contrast, only 72 GW of fossil fuel power is set to be added this year, showing a significant pivot toward renewables.

6. Renewable vs. Fossil Capacity:  By the end of the year, BRICS will have approximately 2,289 GW of renewable energy capacity, surpassing the 2,245 GW from fossil fuels. Comparatively, the European Union reached this 50% renewable energy mark in the early 2010s, and the G7 achieved it only last year.

BRICS Renewable Capacity Set to Triple by 2030

Rapid Expansion of Renewable Projects: BRICS nations are fast-tracking renewable energy projects, with 1,550 GW of wind and utility-scale solar either under construction or planned. Including hydropower, renewable projects outpace fossil fuel projects by nearly three to one.

Alignment with Global Climate Goals: BRICS is on track to nearly triple its renewable capacity by 2030, supporting global efforts to limit warming to 1.5°C. If current trends continue, BRICS could see a 2.5-fold increase in total renewable capacity by the end of the decade.

Challenges in the Clean Energy Transition

Continued Fossil Fuel Investments: Despite progress, BRICS countries, except for Ethiopia, are still developing new coal, oil, and gas projects. Planned projects could increase coal capacity by 36% and oil and gas capacity by 53%, posing a challenge to the renewable transition.

Balancing Act for BRICS: The ongoing investment in fossil fuels creates tension with environmental goals.  James Norman from Global Energy Monitor (GEM) emphasizes that while the clean energy transition is real, BRICS’ continued coal projects risk undermining their achievements in renewable energy.

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