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Renewable energy will account for almost half of global electricity generation by 2030, with the share of wind and solar PV doubling to 30%, according to the latest IEA report. Renewable capacity is forecast to grow x2.7 by 2030, nearly tripling.
The two primary drivers behind this growth are:
- China: accounting for 60% of the expansion in global capacity to 2030
- Solar Power: new solar capacity added between now and 2030 will account for 80% of the
- growth in renewable power globally by the end of this decade
- the EU and US are both forecast to double the pace of renewable capacity growth between 2024 and 2030
- India sees the fastest rate of growth among large economies
“Renewables are moving faster than national governments can set targets for… This is mainly driven not just by efforts to lower emissions or boost energy security. It’s increasingly because renewables today offer the cheapest option to add new power plants in almost all countries around the world.”
— Faith Birol, IEA Executive Director, said in a statement
The increase boosts the share of renewables in final energy consumption to nearly 20% by
2030, up from 13% in 2023.
And, as we (and plenty of others!) have been warning, such an increase in renewable energy capacity will lead to a significant demand on critical minerals such as copper, nickel and tin.
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