According to the annual Renewables 2024 report by the International Energy Agency (IEA), solar PV is expected to account for 80% of the growth in global renewable energy capacity between now and 2030.
The report credits new construction of large solar power plants and an increase in residential and commercial rooftop solar for the surge in solar PV.
The report is the IEA’s flagship annual production on the sector and has found that the world will add more than 5 500 GW of renewable energy capacity between 2024 and 2030; almost three times the increase seen between 2017 and 2023.
Additionally, renewable energy is on track to meet nearly half of the planet’s electricity demand by 2030. The world’s renewable power capacity is expected to surge over the remainder of the decade. Global additions are expected to equal roughly the current power capacity of China, the European Union, India, and the United States combined.
Due to current market trends and today’s governmental policy settings, China is set to account for nearly half of all renewable capacity worldwide between now and 2030. While China is adding the biggest volumes of renewables, India is growing at the fastest rate among major economies.
“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, in a statement.
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