A new report by the International Energy Agency (IEA) says that global supplies of renewable power are growing faster than expected. So much so that they could expand by 50% between now and 2024! This is largely thanks to the solar energy sector. Although, the IEA did find that it was a combination of solar, wind and hydropower projects responsible for the recent rolling out of renewables at their fastest rate in four years.
The global renewable-based power capacity increase is made possible by cost reductions, concerted government policy efforts, and the public’s rising environmental concerns. It’s set to expand with the installation of solar PV systems on homes, commercial buildings and industrial facilities transforming the way electricity is generated and consumed. The falling prices of solar have allowed the world’s solar capacity to grow from 600GW to by 1,200GW in the next five years, the equivalent of the total electricity capacity of the US.
The IEA’s executive director, Fatih Birol, said:
This is a pivotal time for renewable energy. Technologies such as solar photovoltaics (PV) and wind are at the heart of transformations taking place across the global energy system. Their increasing deployment is crucial for efforts to tackle greenhouse gas emissions, reduce air pollution, and expand energy access.
At the moment, renewable energy sources make up 26% of the world’s electricity, but according to the IEA, its share is expected to reach 30% by 2024. As great as this news is, Birol warned that the role of renewables in the global energy system would need to grow even faster if the world hopes to meet its climate targets.
He said:
Renewables are already the world’s second largest source of electricity, but their deployment still needs to accelerate if we are to achieve long-term climate, air quality and energy access goals.
The IEA predicts that solar energy will play the biggest role because falling costs are already below retail electricity prices in most countries and they’re only expected to decline by a further 15% to 35% by 2024. With that happening, the second half of the 2020s will likely see even further growth.
Many companies with large factories looking to save money will switch over to solar causing a power boom when they exploit falling costs to help cut their energy bills. Meanwhile, home solar panels will also skyrocket to reach about 100m rooftops by 2024, with the strongest per capita growth in Australia, Belgium, California, the Netherlands and Austria. You can read the IEA’s full press release here.
