Renewables 2024: Analysis and forecasts to 2030
Global renewable energy capacity is projected to grow significantly by 2030, driven by solar and wind technologies, yet challenges remain in achieving the tripling target set at COP28.
(Generated with the help of GPT-4)
| Quick Facts | |
|---|---|
| Report location: | source PDF |
| Publication date: | October 2024 |
| Language: | English |
| Publisher: | International Energy Agency |
| Authors: | Ana Alcalde B?scones, François Briens, Jeremy Moorhouse, Kartik Veerakumar, Laura Mari Martinez, Piotr Bojek, Trevor Criswell, Vasilios Anatolitis, Yasmina Abdelilah, Heymi Bahar |
| Time horizon: | 2030 |
| Geographic focus: | Global, China, United States, European Union, India, Brazil, Middle East And North Africa, Sub-saharan Africa, Asean |
Methods
The research method involved a comprehensive analysis of current policies, market developments, and technological advancements across various countries. The IEA utilized a combination of bottom-up project assessments and top-down evaluations to forecast renewable energy capacity and demand, focusing on specific technologies and their contributions to overall energy consumption.
(Generated with the help of GPT-4)
Key Insights
The International Energy Agency's report, “Renewables 2024,” forecasts a substantial increase in global renewable energy capacity, expected to reach approximately 9,760 GW by 2030, which is 2.7 times the capacity in 2022. This growth is primarily attributed to solar photovoltaic (PV) and wind energy, which together will account for 95% of the total increase. The report emphasizes the importance of government policies in driving this expansion, as nearly 140 countries have implemented climate and energy security policies that have made renewables more competitive with fossil fuels. However, despite this progress, the report indicates that the global renewable capacity is still not on track to meet the tripling target of 11,000 GW set during the COP28 climate summit. Key challenges include supply chain issues, regulatory uncertainties, and the need for improved grid infrastructure to accommodate the increasing share of variable renewable energy (VRE). The report also highlights the role of renewable fuels, including bioenergy and hydrogen, in decarbonizing hard-to-electrify sectors, although their growth is lagging behind expectations.
(Generated with the help of GPT-4)
Additional Viewpoints
Categories: 2030 time horizon | 2030s time horizon | 2024 publication year | English publication language | Asean geographic scope | Brazil geographic scope | China geographic scope | European Union geographic scope | Global geographic scope | India geographic scope | Middle East And North Africa geographic scope | Sub-saharan Africa geographic scope | United States geographic scope | bioenergy | e-fuels | grid integration | hydrogen | market developments | policy trends | renewable energy capacity | renewable fuels | solar pv | wind energy