IEA Renewables 2024 Latest Report

IEA has just launched the Renewables 2024 report, which provides an in-depth look into the future of the global renewable energy sector, offering insights into the latest trends, forecasts, and the challenges ahead.

🌍 Key Findings:

• The world is set to add over 5,500 gigawatts (GW) of new renewable energy capacity by 2030, nearly triple the growth seen between 2017 and 2023.
• Solar PV and wind are projected to generate almost half of global electricity by the end of the decade.
• China alone will account for nearly 60% of all new renewable capacity installations, dominating the global market.
• Solar PV is forecast to represent 80% of the new capacity growth, fueled by large-scale solar plants and an increase in rooftop installations worldwide.
• The wind sector is set to recover with double the expansion rate compared to the past seven years.
• Energy Snapshot

⚡ Challenges: Despite the rapid growth, significant gaps remain to meet the global target of tripling renewable capacity by 2030, as outlined during COP28. The report calls for an annual investment of $1.5 trillion from 2024 to 2030 to fully realize these goals.

🌟 Governments are urged to act swiftly by setting ambitious renewable energy targets in their next round of Nationally Determined Contributions (NDCs) and facilitating policies that lower the cost of financing in developing economies.

📢 Check out the full report for detailed insights and the pathway to achieving a sustainable energy future HERE