The pace of solar installations, in particular, means that the renewables target set for 2030 will likely be exceeded.
China is expected to account for almost 60 percent of all renewable energy capacity installed worldwide between now and 2030, according to the International Energy Agency. The IEA’s highly influential renewable energy report found that over the next six years renewable energy projects will roll out at three times the pace of the previous six years, led by the clean energy programmes of China and India.
It found that the world’s renewable energy capacity is on course to outpace the 2030 goals set by governments to roughly equal the power systems in China, the EU, India and the US combined. This follows from when about 120 world leaders pledged to triple the world’s renewable energy capacity before 2030 in a bold attempt to slash the global consumption of fossil fuels at the UN’s Cop28 climate talks in Dubai last year.
Here are the other main good news takeaways from the IEA report:
China will have over half of the world’s renewables by the end of the decade.
The growth in solar capacity to 2030 will account for 80 percent of all new renewable power added globally by the end of this decade.
The IEA expects that the rate of global wind power growth will double between 2024 and 2030 compared with the previous six years.
The green energy boom means renewables are on track to grow by 2.7 times by 2030, exceeding the goals set out by governments by nearly 25 percent.