Renewable Power Capacity To Grow 50% By 2024: IEA

A worker assembling floating barges with solar panels in Bourg-Saint-Pierre Switzerland on Oct 8 2019

A worker assembling floating barges with solar panels in Bourg-Saint-Pierre Switzerland on Oct 8 2019

The share of renewables in global electricity generation has now reached 25 percent with industry growth expected to rebound by 12 percent this year after a lackluster 2018.

Still, the IEA warned that renewable electricity growth "needs to accelerate significantly" to meet long-term sustainable energy goals.

Its latest report predicts that by 2024 a new dawn for cheap solar power could see the world's solar capacity grow by 600GW, nearly double the installed total electricity capacity of Japan.

Figures included within the 2019 edition of the IEA's Renewables market report state that total renewables capacity will increase from 2.5TW to 3.7TW within by 2024 as costs come down.

Solar PV will account for almost 60 per cent of this growth and onshore wind 25 per cent, the IEA's annual report on global renewables showed. The share of renewables in global power generation is set to rise from 26 percent today to 30 percent in 2024.

To date, 26 percent of the world's electricity comes from renewable energy sources.

A report by the International Energy Agency (IEA) shows that solar, wind, and hydropower energy is growing at its fastest rate in four years. General, renewable electricity is anticipated to develop by 1,200GW within the subsequent five years, the equal of the full electrical energy capability of the US.

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While nations are quickly adopting solar and wind, the IEA said coal is still expected to be the largest source of power globally in 2024.

Solar panels on homes are also expected to grow rapidly, with an estimated 100 million solar rooftop systems for homes in operation around the world by 2024.

The IEA's report, Renewables 2019, uses market analysis on renewable energy and technologies, including solar photovoltaic (PV) systems, to project industry trends through 2024. This means China will overtake the European Union and become the world leader in renewable energy as early as 2021.

Fatih Birol, chief executive at the IEA, described small-scale solar's potential as "breath taking", but stressed that its development needs to be "well managed" in order to balance the needs of system owners against other consumers and energy and distribution companies. What's more, this disruption could make it harder to integrate electricity from renewable sources into grids, affecting the revenues of electricity distributors.

The report said growing climate ambitions in the European Union and the U.S. played the biggest role in driving the IEA's forecasts higher, but it will be China which leads the way in rolling out wind and solar energy projects.

"Much greater efforts are required", the IEA said.

What's more is that in recent years there has been a significant increase in the number of solar panels installed onto the rooftops of homes, factories, and offices around the world.

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