The production of renewable energy accumulated capacity has not stopped growing since 2000. In 2023, the accumulated capacity in the world grew by more than 500 GW, reaching a cumulative global capacity of 4.140 GW. The photovoltaic energy, with 1,553 GWis the favorite. And it has only just begun.
According to the International Energy Agency (IEA)the world can triple its renewable energy capacity between now and 2030, exceeding more than 5,500 GW. As long as more support is provided to developing countries, especially in Africa and Southeast Asia.
Renewable energy capacity exceeds the objectives set by the states
From 2024 to 2030, the IEA estimates that new renewable installations will be almost three times higher than what we saw between 2017 and 2023. China will continue to lead and will be responsible for almost 60% of all new renewable energy added in that period, with a new capacity of 3,207 GW. It will account for almost half of the world’s renewable energy capacity in 2030.
For its part, India is recording the fastest growth among major economies. China’s dominant position underlines the importance of its energy policies in the global transition towards more sustainable energy sources.
According to the annual report ‘Renewables 2024’ According to the IEA, almost 70 countries, together representing 80% of global renewable energy capacity, are on track to meet or exceed their current targets by 2030. However, this progress is “not fully in line” with the triple goal set at COP28, but the agency remains optimistic that it will be achieved if governments take advantage of short-term opportunities for action.
The photovoltaic energybecause it is more affordable to start up than wind farms or hydroelectric dams, it will maintain its leadership. It is expected to represent the 80% of this growthwhile wind energy will see its expansion rate double between 2024 and 2030 compared to the period 2017-2023. These figures illustrate the strong acceleration of the renewable energy sector, driven by massive investment and a constant drop in production costs.
Renewable energy is expanding faster than many governments have anticipated, often exceeding the objectives they have sethighlighted the Executive Director of the IEA, Fatih Birol.
And, he continues, it is not just about reducing emissions or energy security, but simply that renewable energies are the cheapest option for generating new electricity in most countries. “By 2030, we expect renewable energy to cover half of global electricity demand,” Birol said.
However, the IEA report warns of the importance of effectively integrating solar photovoltaic and wind energy into national electricity systems. This will require greater grid flexibility and greater storage capacity, particularly batteries. This integration is crucial to stabilize the electricity supply and maximize the use of renewable energy.
For Dave Jones, director of the think tank Ember, an independent energy think tank, “policymakers are betting on solar and wind energy like never before, but they are still two steps behind reality on the ground.”
“The market can meet the needs of renewables, and governments must now prioritize investment in storage, networks and other forms of clean flexibility to enable this transformation,” he said in statements to the AFP agency.
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