On October 9, The Guardian featured an article titled “China Set to Lead Green Energy Surge, Accounting for 60% of New Projects Over the Next Six Years.” The article cites data from the International Energy Agency (IEA), which indicates that China is projected to account for about 60% of new global renewable energy capacity installations from now until 2030.
The IEA’s renewable energy report highlights that both China and India will be at the forefront of clean energy projects, advancing at a pace three times that of the previous six years. The expected growth in global renewable energy capacity is anticipated to surpass the goals set by various governments for 2030, potentially equating to the combined electricity systems of China, the EU, India, and the United States.
In an interview, IEA Executive Director Fatih Birol noted, “If I had to summarize this trend in two words, they would be: China and photovoltaics.” He predicts that by 2030, China will possess more than half of the world’s renewable energy capacity. The report forecasts that 80% of the growth in global renewable energy generation will derive from solar power, driven by decreasing costs and favorable policies, thereby making solar panel investments more accessible for both homeowners and businesses aiming to cut electricity expenses.
The article also points out a revival in wind power, which had experienced challenges due to rising interest rates and supply chain costs, especially in capital-intensive offshore wind projects. The IEA anticipates that global wind energy generation will double between 2024 and 2030.
Birol emphasized, “The pace at which renewable energy is developing is surpassing the targets set by governments. This is not solely about reducing carbon emissions or enhancing energy security; it’s largely because renewable energy has become the most cost-effective option for countries looking to establish new power plants.” The report suggests that the green energy boom could lead to a 2.7-fold expansion in renewable energy by 2030, exceeding government targets by nearly 25%.
The article also discusses how, during the 2023 United Nations Climate Conference in Dubai, around 120 world leaders committed to doubling the world’s renewable energy capacity by 2030 while making ambitious efforts to reduce global fossil fuel consumption.
Birol conveyed optimism about reaching this goal, declaring it “entirely feasible.” He proposed three key steps that governments worldwide could take to speed up the deployment of renewable energy.
Additionally, the IEA is calling on international financial institutions to bolster their support for emerging and developing economies as they strive to enhance renewable energy development.
