Renewables are on course to meet almost half of global electricity demand by the end of this decade, according to a new report by the International Energy Agency on Wednesday.
The Renewables 2024 report reveals that the world is on track to add more than 5,500 gigawatts (GW) of new renewable energy capacity between 2024 and 2030, nearly triple the growth witnessed between 2017 and 2023.
According to the report, China is projected to contribute nearly 60% of global renewable capacity installed by 2030. This would position China to house nearly half of the world’s total renewable power capacity by the end of the decade, a significant increase from its one-third share in 2010.
While China is adding the biggest volumes of renewables, India stands out for having the fastest growth rate among major economies in renewable energy expansion.
‘In terms of technologies, solar PV alone is forecast to account for a massive 80% of the growth in global renewable capacity between now and 2030,’ it added.
Despite current challenges, the wind energy sector is expected to rebound, with a projected doubling of expansion rates between 2024 and 2030 compared to the previous period.
Wind and solar PV are the cheapest options to add new electricity generation in almost every country, EIA added.
‘As a result of these trends, nearly 70 countries that collectively account for 80% of global renewable power capacity are poised to reach or surpass their current renewable ambitions for 2030,’ the report underlined.
Commenting on the report, IEA executive director Fatih Birol said that the growth of renewable energy is outpacing the targets set by national governments.
‘This is mainly driven not just by efforts to lower emissions or boost energy security – it’s increasingly because renewables today offer the cheapest option to add new power plants in almost all countries around the world,’ Birol explained.
He said, the growth of renewables, especially solar, is forecast to transform electricity systems across the globe this decade.
‘Between now and 2030, the world is on course to add more than 5,500 gigawatts of renewable power capacity – roughly equal the current power capacity of China, the EU, India and the US combined,’ he said.
‘By 2030, we expect renewables to be meeting half of global electricity demand,’ he added.
