Europe’s energy sector at the crossroads amid push for renewables, year of elections and AI

2024 marks the 50th anniversary of Ipieca. We were formed back in 1974 at the request of the United Nations Environment Programme to act as the liaison channel between the UN and the oil and gas industry. Over the last 5 decades we’ve brought together our members with a range of UN bodies to share knowledge and develop good practice guidance across the areas of climate, nature, people and sustainability.

After a remarkable year for renewables in 2023, Rystad Energy estimates that 2024 will bring one of record-high capacity additions, but the growth rate will slow down significantly compared to previous years. This is due to an expected slowdown in solar PV additions across key renewable energy markets in China, Europe, and the US.

Latin America boasts abundant geothermal energy resources, offering a promising avenue for clean energy production, decarbonisation of industrial processes and bolstering energy security. Despite these favorable conditions, only a fraction of its potential has been harnessed, with a mere 2 gigawatts electrical (GWe) currently utilized out of a total potential of 33 GWe, according to a new Rystad Energy report. The bulk of this utilisation comes from Mexico, Costa Rica and El Salvador, which collectively account for about 75% of the existing capacity.