Renewable Energy Growth Surpasses Ambitions: IEA Report Insights
Key Ideas
  • Global renewables capacity to grow by 2.7 times by 2030, with wind and solar PV doubling to 30%, surpassing current ambitions.
  • Renewables are becoming cost-competitive, driving demand from private sectors and households, with a focus on local manufacturing.
  • Efforts to integrate variable renewable energy sources into power systems are emphasized, with curtailment rates increasing in some countries.
  • IEA calls for policy support to accelerate adoption of sustainable biofuels, biogas, hydrogen, and e-fuels to meet climate goals.
The International Energy Agency (IEA) released a report on renewable energy indicating a significant growth trajectory, with renewables expected to generate almost half of global electricity by 2030. Despite exceeding current ambitions, the report falls short of the triple renewable energy capacity goal set at the COP28 summit. Policies in 140 countries are making renewables cost-competitive, driving demand and market growth. The report stresses the need for governments to integrate variable renewable energy sources securely and address increasing curtailment rates in some countries. While renewable electricity is advancing, renewable fuels like hydrogen lag behind, necessitating dedicated policy support. The IEA highlights the slow growth of hydrogen as a driver for new renewable capacity and emphasizes the importance of accelerating the adoption of sustainable fuels to achieve international climate goals.
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