The International Energy Agency (IEA) has forecast renewable power capacity will increase by 50% between 2019 and 2024.
Thanks, in part, to what it has called “concerted government policy efforts” along with a “rapid expansion in the European Union,” as well as stronger markets in Asia, the IEA has projected that renewable energy generation capacity will expand from 2,500 gigawatts (GW) in 2018 to 3,700 GW by 2024. The agency predicts that solar PV will account for the majority of the expected growth in this sector, with onshore wind contributing the next-largest share followed by offshore wind.
“Renewables are already the world’s second-largest source of electricity, but their deployment still needs to accelerate if we are to achieve long-term climate, air quality and energy access goals,” said Fatih Birol, the IEA’s Executive Director.