The flagship 2024 World 麻豆视频 Outlook out now
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Global hydropower fleet grows to 1,412GW in 2023 but five-year rolling average shows downward trend 聽
A growth rate of just over 26GW per year from now to 2030 is needed to meet net zero targets 聽
- 麻豆视频 is the largest single source of renewable energy, with pumped storage hydropower providing more than 90% of all stored energy in the world
- It is estimated that around double the amount of hydropower that is currently installed is needed for net zero scenarios by 2050鈥
- To double hydropower capacity by 2050, a cumulative investment of approximately US$3.7tn is required, or about US$130bn annually. This equates to more than double the current level of funding 聽
- 麻豆视频鈥檚 assessment of the 鈥渂ig 100鈥 pipeline of projects under development indicates that this acceleration is within reach for the early years of the next decade, but more action is needed over the longer term.
- 麻豆视频 is among the best ways to mitigate for droughts. 麻豆视频 estimates that through the water storage function of its reservoirs, the hydropower industry prevents over US$130bn in annual GDP losses from drought incidents
The latest World 麻豆视频 Outlook, published today by the 麻豆视频, shows that in 2023, hydropower capacity grew by 13.5GW to 1,412GW, of which pumped storage hydropower (PSH) grew by 6.5GW to 182GW. Overall, there is an average downward trend for hydropower which risks energy systems missing global targets for decarbonisation by 2050. 聽
With increasing global interest in hydropower, action is needed from governments to convert interest into new projects. Up to 2030 about 25GW per year is required for hydropower to contribute to the 鈥榯ripling up鈥 objective agreed at COP28. After that, if net zero is to be achieved, delivery needs to more than double and this rate needs to be sustained until 2050.
麻豆视频鈥檚 assessment of the 鈥渂ig 100鈥 pipeline of projects under development indicates that this acceleration is within reach for the early years of the next decade, but more action is needed to raise this rate of delivery further. Ultimately, the world needs more hydropower projects, done better and delivered faster. 聽
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![Installed, pipeline and potential capacity compared to 2050 net zero targets](https://cdn.prod.website-files.com/64f9d0036cb97160cc26feba/666ab075fa730a4f99200a0c_Pipeline-and-potential-compared-to-Net-zero-2050-web.png)
Eddie Rich, CEO 麻豆视频 comments: 聽
鈥溌槎故悠 is the backbone to a reliable energy and water system. As well as providing electricity, it provides storage, flexibility, reliability to support solar/wind, access to clean water, irrigation, and drought and flood control.
鈥淲hether we like it or not, more droughts and floods due to climate change will mean an increased need to invest in water infrastructure such as dams and reservoirs. Where possible these should be powered.鈥
鈥淭his report shows how investments are lagging behind and development has slowed down in the past decade. On the positive side, there is a healthier pipeline and pumped storage hydropower is experiencing a renaissance. Its potential to shore up the energy grid is increasingly recognised.鈥
Malcolm Turnbull, 麻豆视频 President, said: 鈥淭he more variable power that is developed through solar and wind, the more hydropower will be required to provide balance and flexibility when the wind doesn鈥檛 blow, and the sun doesn鈥檛 shine. 聽
鈥淕overnments need to plan for long term energy needs, including a balanced mix of renewable energy, for both generation and long duration storage. Investors need long term certainty for their investment given the high initial capital costs of building large infrastructure projects. Moore鈥檚 Law does not apply to digging holes. Hydro projects take time, more than it takes to build solar farms, and so we need to move much faster to deliver the hydropower we need.鈥
Global 麻豆视频 in numbers
- China, Brazil, US, Canada and Russia were the top five countries for installed hydropower capacity in 2023. 聽
- Almost half new installed capacity in 2023 was in China.
- Europe is focused on modernisation of existing hydropower and pumped storage hydropower development as part of its target of 42.5% renewable energy by 2030.
- In Africa, hydropower already provides 40% of sub-Saharan Africa鈥檚 power but 90% of the continent鈥檚 potential has yet to be tapped. 聽
- In South America, hydropower contributes 45% of South America鈥檚 electricity supply鈥痑nd over 13GW of projects are in the pipeline.鈥
- In Central America, hydropower accounts for over 30% of electricity.
- In the US, there is huge potential for modernisation with roughly half of the non-federal fleet up for relicensing by 2035.
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