Global renewable power capacity to rise by 50pc in five years - IEA

Rodiano Bonacci
Ottobre 22, 2019

This is a positive turnaround on last year's figures which illustrated a stall in the growth of renewables throughout some countries and regions.

The capacity of renewable-based power will rise 1.2 terawatts (TW) by 2024, the IEA report says. The number of solar rooftop systems on homes is expected to double to 100 million by 2024. Much of the expansion will be at commercial and industrial sites.

Apprehension is growing across the world over big dam construction, especially as China has become the world leader in construction. Renewable heat is set to expand by one-fifth between 2019 and 2024, driven by China, the European Union, India and the United States.

The enormous potential of offshore wind is on display off the east coast of Britain, where Danish energy company Orsted is working to complete the world's largest offshore wind farm. This is the equivalent of the total installed power capacity of the U.S now. There is considerable promise in new nuclear technology, however, the report predicts. That's despite President Donald Trump's efforts to revive coal by slashing environmental regulations.

"By reforming retail tariffs and adapting policies, utilities and governments can attract investment in distributed PV while also securing enough revenues to pay for fixed network assets and ensuring that the cost burden is allocated fairly among all consumers", it said.

While good news, this growth is well below what is needed to achieve global sustainability targets.

Wind power will play an important role in the next leg of the renewable energy boom.

"As costs continue to fall, we have a growing incentive to ramp up the deployment of solar PV", said Dr. Fatih Birol, the IEA's Executive Director.

Solar panels - known as distributed solar systems - on homes, commercial buildings and factories are "set to take off", the IEA said.

The IEA is a Paris-based intergovernmental organization under the OECD to promote the development of clean, affordable energy in the wake of the 1973 OPEC oil crisis. The IEA report also alluded to the fact that the "ability of consumers to generate their own electricity" means that electricity providers and policy makers around the world now face new challenges and opportunities.

As countries in China, Europe and the U.S. increase deployment of wind turbines and solar panels, the share of renewables in global power generation will rise to 30 per cent in 2024, up from 26 per cent now, the IEA said. Driven by decreasing costs, the report projected that distributed solar will more than double by 2024, with China accounting for nearly half of that growth.

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