LONDON, Oct 9 (Reuters) - Renewable energy sources are projected to meet nearly half of global electricity demand by the end of the decade, according to a report from the International Energy Agency (IEA). However, this increase will not suffice to meet the United Nations' goal of tripling renewable energy capacity to significantly reduce carbon emissions.
The IEA's Renewables 2024 report indicates that the world is expected to add over 5,500 gigawatts (GW) of renewable energy capacity between now and 2030, nearly three times the increase observed from 2017 to 2023. This expansion is comparable to the current power capacity of China, the European Union, India, and the United States combined, yet it falls short of the targets set for the upcoming COP28 U.N. climate conference.
To achieve the U.N. goal of tripling capacity, governments must enhance efforts to integrate renewable sources into existing power grids. This includes the construction and modernization of approximately 25 million kilometers (15.5 million miles) of electricity grids and reaching a storage capacity of 1,500 GW by 2030.
Solar photovoltaic (PV) technology is expected to account for 80% of the growth in renewable energy capacity by 2030, while the wind sector is also anticipated to see a significant recovery, doubling its expansion rate compared to the previous six years. Global solar manufacturing capacity is projected to exceed 1,100 GW by the end of 2024, more than doubling the expected demand, which has led to reduced prices for solar modules but has also resulted in financial losses for many manufacturers.
Despite the challenges posed by the U.N. targets, national governments are reportedly meeting their renewable energy goals, with 70 countries, representing 80% of global renewable power capacity, on track to reach or exceed their targets for 2030. IEA Executive Director Fatih Birol noted, 'Renewables are moving faster than national governments can set targets for,' attributing this acceleration not only to emissions reduction efforts but also to the fact that renewables are now the most cost-effective option for new power plants worldwide.
Reporting by Nina Chestney; editing by Barbara Lewis.