, according to estimates, by 2030 the world power of renewable energy sources will become equivalent to the general energy potential of the largest economies and will be able to satisfy almost half of the global demand for electricity.
According to the annual report of the International Energy Agency (IEA) on renewable energy for 2024, thanks to the supporting policy and favorable economic conditions, a significant increase in the global capacities of renewable energy is expected by 2030.
According to estimates, the growth of global capacities during this period will be almost equal to the total current energy capacity of China, the European Union (EU), India and the USA. It is expected that from 2024 to 2030, more than 5,500 gigavatts of new capacities will be added in the renewable energy. This growth corresponds to almost 3-fold growth for the period 2017-2023.
It is predicted that the share of only solar and wind energy in the world electricity production will increase to 30 percent by 2030, while all renewable energy sources will provide almost half of the world demand for electricity.
Given the current market trends and political measures of governments, according to estimates, almost 60 percent of all renewable capacities installed in the world from the present until 2030 will account for China.
Thus, by 2030, China can place almost half of all world renewable power capacities.
India also stands out as one of the countries with the rapid increase in renewable energy capacities among developing economies.
IEA head Fatikh Birol, commenting on the report, said that renewable energy began to gain momentum and a framework for government goals was released.
“This is due not only to efforts to reduce emissions or increase energy safety, but also in many respects because renewable energy sources today offer the cheapest option for installing new power plants in almost all countries of the world,” he said.
Birol noted that the growth of renewable energy, especially the sunny one, will change the electric power systems around the world in the next 10 years.
“Already by 2030, the world is on the way to an increase in the power of renewable energy sources to more than 5500 gigavatts. It is almost equal to the current energy capacities of China, the EU, India and the USA. We expect that by 2030, renewable energy will satisfy half world demand for electricity, ”he said.