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The world is set to add more renewable capacity in the next 5 years, than installed in the last 100 years, according to a new report by the IEA.
The forecast acceleration in growth comes after annual global additions of renewable energy capacity increased nearly 50% in 2030 alone, the fastest growth rate in 20 years.
“Under existing policies and market conditions, global renewable capacity is forecast to reach 7 300 GW by 2028. This growth trajectory would see global capacity increase to 2.5 times its current level by 2030, falling short of the tripling goal”
— IEA, Renewables 2023 Analysis and forecast to 2028
However, as we have warned, there are signs of a slowdown across the renewable sector with wind power hit hardest by raising interest rates and inflation, as well as warning signs for hydrogen energy investment.
- forecasts for the expansion of offshore wind have been revised down 15% outside of China
- renewable to hydrogen energy production forecast to grow only 45GW between 2023-2028, an estimated 7% of announced project capacity for the same period
Our projections for the energy transition in 2024: