Renewables 2024
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.
This edition of the IEA’s annual Renewables market report provides forecasts for the deployment of renewable energy technologies in electricity, transport and heat to 2030, while also exploring key challenges facing the industry and identifying barriers that are preventing faster growth.
At the COP28 UN Climate Change Conference in December, governments agreed to work together to triple the world’s installed renewable energy capacity by 2030. Renewables 2024 offers a comprehensive country-level analysis on tracking progress towards the global tripling target based on current policies and market developments. Additionally, it assesses the challenges to faster expansion.
For the first time, the report features a special chapter on renewable fuels, including bioenergy, biogases, hydrogen, and e-fuels. It forecasts their role in global energy demand by 2030 and their potential for decarbonizing the industry, building, and transport sectors.
In addition to its detailed market analysis and forecasts, the report also examines key developments for the sector, including policy trends driving deployment, solar PV and wind manufacturing, the costs of renewable technologies, electrolyser and renewable capacity for hydrogen production, prospects for renewable energy companies, and system integration of renewables, along with grid connection queues.
