48 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2024 Most renewable energy capacity additions in 2023 were concentrated in China and advanced economies, highlighting the uneven distribution in underserved markets, particularly in parts of Africa, Southeast Asia, and Latin America. These regions present significant growth opportunities due to abundant natural resources and increasing local and international investment in green energy. In light of these dynamics, Yinson is strategically focusing on developing a balanced renewables portfolio across Latin America, the Asia Pacific, and Europe. By selecting regions with favourable policies and growth potential, Yinson aims to overcome global market challenges and play a pivotal role in the transition to a sustainable energy future. Onshore wind and solar are anticipated to make up over 95% of all wind and solar projects by 2050. Wind and solar installed energy capacity is expected to multiply by over seven times from 2,144 GW in 2022 to nearly 16,000 GW in 2050. This growth aligns with the pipeline that Yinson Renewables is currently building, which focuses on onshore wind and solar. HISTORICAL AND PROJECTED INSTALLED CAPACITY FOR WIND AND SOLAR PROJECTS Source: Bloomberg NEF, Outlook 2022, Energy Transition Scenario. Offshore wind Onshore wind Utility-scale PV Small-scale PV 2010 2015 2020 2022 2025P 2030P 2035P 2040P 2045P 2050P 14 236 1,504 2,144 3,566 6,400 8,898 11,175 13,745 15,956 Installed capacity (GW) GREEN TECHNOLOGIES HISTORICAL AND PROJECTED GLOBAL EV SALES Source: IEA, Global EV Outlook 2024. 2020 2021 2022 2023 2025P 2030P 2035P 16.5 10.1 7.7 4.9 2.2 36.5 57.8 Units (million) Battery EV Fuel Cell EV Hybrid ASEAN EV MARKET SIZE CAGR 32.73% Source: Mordor Intelligence. 2024 2029P 1.14 4.7 Market size (USD billion)
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