Renewables 2024 – Global Outlook: Growth Trends, Sector Shifts, and Regional Insights
This article presents a comprehensive overview of the International Energy Agency’s Renewables 2024 report, offering a forward-looking analysis of global renewable energy trends through 2030. It highlights the accelerating pace of the energy transition, with global renewable energy consumption projected to grow by 60% between 2024 and 2030. By the end of the decade, renewables are expected to account for nearly 20% of global final energy consumption, up from 13% in 2023.
Key electricity milestones include:
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Renewable electricity generation to exceed 17,000 TWh by 2030, nearly a 90% increase from 2023.
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Solar PV and wind are expected to supply around 30% of global electricity, with renewables reaching 46% of total electricity generation.
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By 2025, renewable electricity will overtake coal globally.
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Solar PV will become the largest renewable electricity source by 2029, surpassing hydropower.
The article also explores developments in:
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Renewable transport: Renewable energy demand is projected to rise by 3 EJ, with liquid biofuels losing share to electrification, hydrogen, and e-fuels.
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Renewable heat: Although renewable heat consumption will grow by 50% by 2030, fossil fuel use in heating is still expected to increase—leading to a 4% rise in heat-related CO₂ emissions.
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Regional dynamics: China will double its renewable output, while the U.S., Europe, and India emerge as key markets for growth.
Despite strong momentum, the IEA warns that renewable deployment will not fully offset growing energy demand, risking continued growth in fossil fuel use and emissions unless policy support, financing, and technology adoption are significantly scaled up.
