Renewables are on track to provide nearly half of global electricity by 2030, according to a new report from the International Energy Agency (IEA).
The report forecasts the addition of over 5,500 gigawatts (GW) of renewable energy capacity between 2024 and 2030.
This growth would bring global renewable power capacity close to that of China, the EU, India and the US combined.
Solar power is set to drive this surge, accounting for 80% of the new capacity.
The increase comes through the construction of large solar plants as well as more rooftop installations.
Wind power is also expected to expand, with installation rates doubling compared to the previous period.
Currently, solar and wind power are the most cost-effective choices for new electricity generation in many regions.
China is likely to account for almost 60% of the world’s new renewable capacity by the end of the decade, with its share of global capacity increasing to nearly half.
India is set to see the fastest growth among major economies, building on its expanding renewable infrastructure.
Despite this growth, the report notes that the pace of new capacity falls slightly short of the goal to triple renewable capacity set at the COP28 climate summit in 2023.
The IEA projects that global renewable capacity will reach 2.7 times its 2022 level by 2030.
However, it suggests that this target is still achievable if governments take further action, including updating their climate commitments and addressing high financing costs in developing economies.
