Renewable Energy to Constitute Half of Global Electricity by 2030: IEA
According to the report, renewables are poised to claim a 50% share in the global electricity mix by 2030, up from the current 30 percent.
October 26, 2023. By News Bureau
Dr. Fatih Birol, the Executive Director of the IEA, emphasised the inexorable global transition to clean energy, stating that the question is no longer 'if,' but 'how soon.'
The study projects a threefold increase in investment for new offshore wind projects by 2030, surpassing coal- and gas-fired power plants. Under existing policies, renewables are expected to contribute 80 percent to new power generation capacity by 2030, with solar energy accounting for over half of this expansion.
However, the report also underscores that meeting global climate targets necessitates more stringent actions. Although positive clean energy momentum and economic changes worldwide are apparent, fossil fuels are facing major disruption, with peaks in coal, oil, and natural gas demand anticipated in this decade.
Consequently, the share of fossil fuels in the global energy supply, which has long held at around 80 percent, is projected to decrease to 73 percent by 2030, with global energy-related carbon dioxide emissions reaching their peak in 2025.
The IEA underscores the necessity of international cooperation to expedite clean energy transitions and emphasizes that the pace of emissions reduction hinges on the financing of sustainable solutions to meet the escalating energy demands of rapidly growing economies. Collaboration and cooperation are deemed vital for progress.
The report also delves into the potential for significant growth in solar photovoltaic (PV) capacity during this decade, further highlighting the ongoing transformation of the global energy landscape.
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