2024-10-10 23:30:00
With solar power at the forefront of rapid deployment, renewable energy is on track to meet nearly half of global electricity demand by the end of this decade, says a new report from the International Energy Agency (IEA).
Due to supportive policies and a favorable economy, global renewable energy capacity is expected to increase during the remainder of this decade, with global additions on track to match the current energy capacity of China, the European Union , India and the United States together. .
The Renewables 2024 report, the IEA’s flagship annual publication on the sector, concludes that the world is expected to add more than 5,500 gigawatts (GW) of new renewable energy capacity between 2024 and 2030 – almost three times the increase seen between 2017 and 2023.
According to the report, China is expected to account for nearly 60% of all renewable capacity installed worldwide between 2024 and 2030, based on current market trends and current government policy arrangements. This would make China home to almost half of the world’s total renewable energy capacity by the end of this decade, up from a third in 2010. Although China is installing the largest amounts of renewable energy, India is growing at the same pace among major economies.
In terms of technologies, solar photovoltaics alone are expected to account for 80% of the growth in global renewable capacity between now and 2030 – as a result of the construction of large new solar power stations as well as an increase in rooftop solar installations in . companies and families.
As a result of these trends, nearly 70 countries together, representing 80% of global renewable energy potential, are currently on the verge of meeting or exceeding their 2030 renewable ambitions.
The growth is not fully aligned with the objective set by almost 200 governments around the world. at the COP28 climate change conference in December 2023 to triple the world’s renewable capacity over the next decade – the report predicts that global capacity will reach 2.7 times the 2022 level by 2030.
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But the IEA’s analysis shows that the triple target can be fully achieved if governments take opportunities for near-term action. This includes setting out bold plans in the next round of Nationally Determined Contributions under the Paris Agreement, scheduled for next year, and strengthening international cooperation to reduce high financing costs in developing and developed economies is developing, which limits renewable growth in regions with high potential, such as Africa and Southeast Asia.
Globally, driven by the massive growth of renewable electricity, the percentage of renewables in final energy consumption is expected to rise to nearly 20% by 2030, up from 13% in 2023. Meanwhile, renewable fuels are the subject of a special chapter in the report – behind schedule, highlighting the need for specific policy support to decarbonise sectors that are difficult to electrify.
In order to achieve the international climate goals, it would be necessary not only to accelerate the deployment of renewable energy, but also to significantly accelerate the adoption of sustainable biofuels, biogas, hydrogen and e-fuels, according to him the report. As these fuels continue to be more expensive than their fossil counterparts, their share of global energy is expected to remain below 6% in 2030.
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