Turning the tide in scaling renewables

The renewable energy industry has experienced impressive growth over the past decade. In 2022, renewable energy deployments grew by double digits worldwide.¹ However, only 14 percent of all energy use currently comes from renewable sources.²

Renewable energy is estimated to make up 77% of the world's primary energy supply by 2050.³ To achieve this target, the deployment of renewable energy must triple from 2022 levels by 2030, which amounts to an annual addition of 1,200 gigawatts.⁴

What are the prospects for the global renewable energy industry to bridge the gap and deliver the desired speed and scale of growth by 2050?

As it stands, renewable energy developers, investors, utilities, and other stakeholders are currently facing too many barriers to reach this level of growth.  Over 84% of industry executives reported substantial delays and, in some cases, even project abandonment due to current market challenges.⁵

Bridging this gap is not a one-size-fits-all solution. To accelerate renewable energy deployment, the industry must confront and overcome the obstacles that stand in its way.

That is the aim of Turning the tide in scaling renewables. In this report, the KPMG global organization and renewable energy specialists identify ten key barriers hindering renewable energy scaling and present innovative recommendations. The report offers real-world examples of organizations overcoming these barriers and succeeding. It also provides insight into increased renewable energy investment opportunities and the importance of collaboration and partnership in delivering successful renewable energy projects.