Solar PV, wind energy to dominate renewable energy capacity addition goals: IEA

Solar panels

Solar photovoltaic (PV) and wind energy to dominate countries’ ambitions for adding renewable energy capacity, while hydropower, bioenergy and other renewables tend to be overlooked, said International Energy Agency (IEA).

IEA said global renewable capacity additions reached almost 560 gigawatts (GW) in 2023, an unprecedented 64 percent year-over-year increase from 2022. It said this was in line with the annual pace needed to reach nearly 8,000 GW of installed capacity by 2030, a total that matches countries’ current policies, plans and estimates.

IEA added that nearly 50 countries are on track to reach or surpass their current plans, though China is by far the biggest contributor. In 2023, China installed almost 350 GW of new renewable capacity, more than half of the global total, said IEA adding if the country sustains the current pace, it could dramatically surpass its existing ambitions for 2030.

Besides China, however, the other countries would need to accelerate average annual growth by 36 percent over the rest of the decade to reach national ambitions, it said.

“To meet national ambitions and spread progress more widely, the pace of deployment needs to accelerate in most regions and major countries – including the European Union, the United States and India. Major scaling up of deployment is also needed in Southeast Asia, the Middle East and North Africa, and Sub-Saharan Africa,” said IEA.

Current policies and plans in advanced economies indicate an almost doubling of their renewable capacity by 2030, accounting for almost 40 percent of global ambition, the agency noted. Together, the United States and Canada have ambitions to install close to 1,000 GW of renewable capacity by 2030, or 13 percent of global ambition.

Emerging and developing economies, excluding China, also currently plan to double capacity, led by strong ambition from India, said IEA.