According to a new report from the International Energy Agency (IEA), the world’s renewable energy capacity is expected to grow significantly by 2030.
The Renewables 2024 report shows that over 5,500 gigawatts (GW) of renewable power will be added globally between 2024 and 2030, approximately three times the increase between 2017 and 2023.
China will lead this growth, with almost 60% of new capacity, and will have almost half of the world’s total renewable power by 2030. At the same time, India is growing its renewable capacity at the fastest rate among major economies.
Solar power is expected to account for the majority of the increase, 80% of additional capacity. Big solar facilities and an increase in rooftop solar installations will drive this. Wind energy is also expected to develop, with the rate of growth doubling over the next six years.
By 2030, renewable energy is expected to provide nearly half of the world’s electricity, which is more than it does now. However, the report says there are still challenges in meeting all renewable energy goals.
Governments need to take more action to reduce the costs of financing and make it easier to use renewable energy, especially in areas like Africa and Southeast Asia.
The report highlights that global solar manufacturing capacity will exceed 1,100 GW by the end of 2024, more than twice the expected demand.
This oversupply is mainly from China, and caused solar panel prices to drop marginally since early 2023. However, this price drop has led to significant financial losses for many manufacturers.
Renewable energy is growing fast, but the use of clean fuels like biofuels and hydrogen is far away from the race. The IEA says more policies are needed to support these fuels because they are important for cutting carbon emissions in areas that are hard to power with electricity.
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