The International Energy Agency (IEA) has predicted that nearly half of the world’s electricity will be powered by renewable energy by 2030, but it still falls short of global targets. The world is on track to add a total capacity of 5,500 gigawatts of renewable energy, equivalent to the combined power of China, the European Union, India, and the US. This growth is driven not only by efforts to reduce emissions but also by the fact that renewable energy is becoming the cheapest option for adding new power plants in almost all countries worldwide.
Despite this rapid growth, the world is still off track to meet the United Nations’ goal of tripling global renewable capacity by the end of the decade. The IEA’s executive director, Fatih Birol, notes that the growth in renewables is moving faster than national governments can set targets for, making it essential for countries to step up their efforts to integrate green power sources into their power grids. This requires building or upgrading 25 million kilometers of pylons, cables, and other grid connections over the coming years.
Moreover, about 10% of renewable electricity generation is not utilized due to grid constraints in several countries, highlighting the need for a concerted push to upgrade infrastructure. The IEA also emphasizes the importance of energy storage, stating that the world needs approximately 1,500 gigawatts of storage capacity by 2030 to help address grid challenges.
IEA Predicts Surge in Renewable Energy by 2030, But Global Targets Still at Risk (Image via Getty)
China is expected to account for nearly 60% of the world’s renewable capacity over the next six years, bringing its total capacity to nearly half of the global total by the end of the decade. Meanwhile, the UK Government is pushing forward with policies to boost domestic capacity, including the launch of a state-owned energy investment firm and expansion of offshore wind power.
The UK’s floating wind industry is also gaining momentum, with a joint task force predicting that this technology could provide one-third of the country’s total offshore wind capacity by 2050. Floating wind projects currently face high costs, but this is expected to decline by 30% over the next six years, making them more viable.
UK Energy Secretary Ed Miliband has highlighted the potential for this technology to create jobs, boost the economy, and ensure expertise in the North Sea workforce continues to play a key role in this clean energy revolution. While the growth of renewable energy is accelerating, the world still needs to accelerate efforts to integrate these sources into the power grid, invest in energy storage, and tap emerging technologies like floating wind to meet global targets. With China leading the charge in renewable capacity and the UK driving innovation in floating wind, the stage is set for a significant shift towards a low-carbon future.
