Renewables to Generate Nearly Half of Global Electricity by 2030

Renewable energy generation is now projected to meet almost half of global electricity demand by the end of this decade, according to the “Renewables 2024” report from the International Energy Agency (IEA). Global renewable additions of 5,500 GW by 2030 would roughly equal the current power capacity of China, the European Union, India and the United States combined.

Solar PV and wind together account for 95% of projected renewable growth, and China will account for 60% of that new global capacity. That would make China home to almost half of the world’s total renewable power capacity by the end of the decade.

“This report shows that the growth of renewables, especially solar, will transform electricity systems across the globe this decade,” said IEA Executive Director Fatih Birol. “Renewables are moving faster than national governments can set targets for.”

The report also looks at the state of manufacturing for renewable technologies. By 2030, China is expected to maintain more than 80% of global manufacturing capacity for all PV manufacturing segments.

“Given the growing international focus on industrial competitiveness, solar PV manufacturing capacity is forecast to triple in both India and the United States by 2030, helping global diversification,” the report said.