Solar PV to account for 80% of the world’s renewable capacity additions this decade
By JP Casey
October 9, 2024
Markets & Finance, People, Policy
Europe, Africa & Middle East, Americas, Asia & Oceania
The IEA expects the installed capacity of both the utility-scale and distributed PV sectors to almost quadruple between 2023 and 2030. Image: American Public Power Association via Unsplash.
Solar PV is set to be the driving force behind the world’s rapid expansion of renewable power capacity installations in the coming decade, with solar set to account for 80% of the 5,500GW of new clean energy additions made by 2030.
These are the key takeaways from ‘Renewables 2024’, the latest edition of the flagship report of the International Energy Agency (IEA). The report forecasts a “massive” growth in new renewable power additions to 2030, with the 5,500GW set to be added in the remainder of this decade more than three times the capacity added between 2017 and 2023, and roughly equivalent to the current power capacity of China, the US, the EU and India combined.
PV will drive much of this change, the report said. In its ‘main case’ scenario, which assumes a continuation of current renewable power installation policies, the IEA expects the installed capacity of both the utility-scale and distributed PV sectors to almost quadruple between 2023 and 2030. In this scenario, the utility-scale sector will grow from 917.1GW to 3,467.1GW and the distributed sector from 694.4GW to 2,353.5GW....
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