The total capacity of renewable energy generating assets will increase by 50% in the period from 2019 to 2024.
According to the “Renewable Energy Sources of 2019” report, the increase will be 1,200 GW and will be due to a decrease in the cost of “green” energy. Renewable energy capacity reached just over 2500 GW in 2018. If the forecast comes true, this figure will increase to 3,700 GW by 2024.
According to the IEA forecast, solar photovoltaic systems (PV) will take almost 60% of the expected growth. At the same time, the land wind energy sector will take 25% of the growth, and coastal wind power stations – about 4%. In general, the share of renewable energy in world electricity production will increase from 26% at present to 30% in 2024.
The problems remain in the form of “uncertainties in policy and regulation, high investment risks and systemic integration of wind and solar energy” – the agency said in a statement. In 2019, an increase in renewable energy capacities will be 12% compared to last year.
The current growth is driven by the development of solar energy, facilitated by the “rapid expansion in the European Union” and the strengthening of the Indian market.