According to a new report by the International Energy Agency, the world is on track to produce nearly half of the electricity it uses from renewable sources by the end of this decade. The report also finds that in nearly every country, large wind and solar plants are the cheapest forms of new power.
Between now and 2030, countries will add more than 5,500 gigawatts of new renewable capacity. That is as much as China, India, the U.S., and the EU combined have at present. Most of the new capacity will come from solar power.
China is aggressively pursuing renewable power installations with massive solar and wind projects. By 2030, China will account for nearly half of the world’s renewable power capacity.
This year’s UN Climate Change Conference, held in the United Arab Emirates, established the goal of tripling renewable energy capacity worldwide by 2030.
The growth in solar power continues to outperform industry expert projections as manufacturing ramps up. India and the U.S. are both expected to triple their solar manufacturing capacity by the end of this decade. Manufacturing, largely based in China, is already outstripping demand.
By 2030, solar and wind power are expected to account for about 30% of global electricity generation, hydropower about 13%, and other renewables such as geothermal power about 5%.
These estimates are based on existing policies and market conditions. Governments could speed up the shift to clean energy by cutting red tape and by making it cheaper for poorer countries to finance solar and wind projects.
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Photo, posted November 23, 2023, courtesy of Rick Obst via Flickr.
Earth Wise is a production of WAMC Northeast Public Radio