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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: