Technology, mining and low-carbon energy are expected to benefit from the projected 11% increase in global demand for renewable energy, according to the Chief Economists Outlook report released by the World Economic Forum on the opening day of Davos 2024.
Another key factor fuelling energy growth is strategic competition between the geoeconomic blocs as new industrial policies ramp up investments and demand for critical materials and components, the report states.
After more than a year since the launch of the Inflation Reduction Act (IRA) and CHIPS Act sparked a global uptick in such large-scale initiatives, tens of billions are being funnelled into infrastructure, manufacturing, semiconductors and low-carbon solutions across geographies.
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