Exciting News! By 2030, the global capacity for renewable energy generation is projected to reach an impressive 4600 GW.
According to the latest report from the International Energy Agency (IEA), the renewable energy capacity is expected to experience substantial growth, surpassing previous totals from China, Europe, and Japan. This significant increase is anticipated to be pivotal in achieving global renewable energy targets.
In the next five years, renewable energy generation is set to lead the way, driven by advancements in technology and faster approval processes. Projections suggest that renewable energy capacity could increase by around 80% by 2030.
The growth in renewable energy will be diversified with a strong emphasis on solar and wind energy. Despite facing challenges from fluctuating supply and demand, the sector is expected to experience a major expansion, particularly in large-scale installations.
Hydropower, biomass, and geothermal energy will continue to play critical roles in the energy landscape. The geothermal sector is expected to grow significantly in countries like the United States, Japan, and Indonesia, aided by new projects and developments.
The demand for electricity generated from renewable sources is anticipated to increase by 80% over the next five years, compared to current levels. Market segmentation indicates that new countries are emerging as leaders in renewable energy production, with forecasts suggesting that by 2030, this growth will be driven primarily by innovations in electric vehicle technology.
Moreover, the report highlights that the demand for renewable energy in transportation and supply chains will rise sharply, potentially increasing from 4% to 6% by 2030, largely due to new energy vehicle technologies in China and Europe.
The renewable energy sector is expected to face some hurdles, including regulatory challenges and supply chain issues. However, many countries are actively promoting renewable energy initiatives, aiming to meet their development goals.
As the world transitions towards more sustainable energy practices, the emphasis on renewable resources will likely become a cornerstone of the global energy strategy. The ongoing developments in energy efficiency technologies and infrastructure will further support this transition.
For more information on renewable energy and its future, please visit the IEA’s Renewable Energy Market Update.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/renewable-energy-capacity-set-to-surpass-4600-gw-by-2030-according-to-iea-report/
