2 trillion dollars expected for five energy technologies by 2035
Abu Dhabi, April 2 / WAM / The International Energy Agency expected that the electric vehicle market, electrical analysis devices, thermal pumps, solar PVs, and wind turbines will grow three times to $ 2.1 trillion by 2035.
The agency confirmed in the report “Energy Technology Prospects 2024” that the carbon dioxide detention sector is one of the most active sectors in the past ten years; The number of startups specialized in this field has doubled by about seven times, while more than 140 companies are currently working on developing carbon dioxide detention solutions.
She pointed to the operation of about 30 stations to capture and detention of carbon dioxide in Europe, North America, Japan and the Middle East, indicating that most of these stations are small in size, where only five of them pick up more than a thousand tons of carbon dioxide annually, and its total capacity is to capture more than 17 thousand tons of carbon dioxide annually, with only a few commercial agreements to sell or store a second Pacted carbon oxide.
In this context, the agency pointed to the “ADNOC” project and “44.01” for carbon dioxide mining and converting it into rocks, among the most leading global projects in the field of energy innovations, as the project in the Emirate of Fujairah succeeded in storing 10 tons of carbon dioxide in 2024 and in a period not exceeding 100 days.
The agency stated that government spending on research and development in the field of energy is continuing to rise, as the global total reached 50 billion dollars in 2023, an increase of 5% over 2022 with expectations to increase the growth of spending in 2024 and the coming years.
Initial estimates of public spending in 2024 in the United States and Canada indicated less growth on an annual basis, while Japan and Norway are witnessing the largest increase in spending on research and development in the field of energy, thanks to the Japanese Green Transformation Initiative budget that enhances the competitiveness of batteries technologies, and fields of renewable energy and hydrogen energy and hydrogen development in Norway that pumps a significant increase in the volume of spending.
The agency stated that companies contribute an active role in enhancing spending in the field of energy; The rate of spending has grown at a rate of three times faster than the gross domestic product of member states, led by car companies that occupy 13 centers in the list of the best 20 companies in terms of research and development budgets to enhance the field of energy technology.
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