Google- Renewable Energy Growth: Global renewable capacity is expected to increase by 2.7 times by 2030, surpassing current government targets by 25%, but still short of the COP28 climate summit’s target.
- Key Challenges: Gaps in grid integration, financing, and the deployment of renewable fuels like hydrogen need to be addressed.
- 2023 Record Growth: In 2023, renewable energy capacity surged by 565 GW, a 60% increase from 2022, driven by solar PV which added 365 GW.
- Dominance of Solar PV: Solar is projected to dominate future growth, with annual capacity additions expected to rise from 565 GW in 2023 to 940 GW by 2030.
- Wind Energy Recovery: Wind capacity is poised to double between 2024-2030, contributing 30% of global renewable power by 2030.
- Hydrogen and Bioenergy Lagging: Renewable hydrogen will make up only 4% of hydrogen production by 2030, while biofuels are expected to meet 6% of transport energy demand.
- China, U.S., Europe Lead: China will account for 60% of global renewable capacity growth, while Europe and the U.S. are also on track to significantly expand their renewable capacity.
- India’s Rapid Growth: India will witness the fastest renewable energy expansion, surpassing 450 GW by 2030 and decarbonizing 50% of its energy sector.
- Grid Infrastructure & Financing: Grid infrastructure and high financing costs in emerging economies remain major barriers to faster renewable energy deployment.
Source: MercomeIndia