In Short : The IEA’s Renewables 2024 report highlights significant global growth in renewable energy, projecting a substantial increase by 2030. Factors driving this expansion include declining costs, technological advancements, and supportive government policies. As countries prioritize sustainability and energy security, renewables are expected to play a pivotal role in meeting global energy demands, contributing to climate goals and economic development.
In Detail : Due to supportive policies and favourable economics, the world’s renewable power capacity is expected to surge over the rest of this decade, with global additions on course to roughly equal the current power capacity of China, the European Union, India and the United States combined, according to a new IEA report out today.
The Renewables 2024 report, the IEA’s flagship annual publication on the sector, finds that the world is set to add more than 5500 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 set to account for almost 60% of all renewable capacity installed worldwide between now and 2030, based on current market trends and today’s policy settings by governments. That would make China home to almost half of the world’s total renewable power capacity by the end of this decade, up from a share of a third in 2010. While China is adding the biggest volumes of renewables, India is growing at the fastest rate among major economies.
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 growth is not fully in line with the goal set by nearly 200 governments at the COP28 climate change conference in December 2023 to triple the world’s renewable capacity this decade – the report forecasts global capacity will reach 2.7 times its 2022 level by 2030. But IEA analysis indicates that fully meeting the tripling target is entirely possible if governments take near-term opportunities for action. This includes outlining bold plans in the next round of Nationally Determined Contributions under the Paris Agreement due next year, and bolstering international cooperation on bringing down high financing costs in emerging and developing economies, which are restraining renewables’ growth in high-potential regions such as Africa and Southeast Asia.
“Renewables are moving faster than national governments can set targets for. 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,” said IEA Executive Director Fatih Birol. “This report shows that the growth of renewables, especially solar, will 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 European Union, India and the United States combined. By 2030, we expect renewables to be meeting half of global electricity demand.”
