Global renewable power capacity to grow by 50 percent in next five years: IEA

Global renewable power capacity will grow by 50 percent between 2019 and 2024, the International Energy Agency said in a report on Monday.

Capacity will increase by 1.2 gigawatts – equivalent to the current power capacity of the United States – on the back of lower costs and government policy efforts.

Solar photovoltaics (PV) will account for 60 percent of the estimated rise, while the share of renewables in global power generation is expected to rise to 30 percent in 2024 – up from 26 percent.

“Renewables are already the world's second largest source of electricity, but their deployment still needs to accelerate if we are to achieve long-term climate, air quality, and energy access goals,” the IEA’s executive director Fatih Birol said in the report.

In China, which is expected to account for 40 percent of the global renewable capacity over the next five years, the industry will benefit from improved system integration, lower curtailment rates, and higher competition, the IEA said.

The Paris-based agency has taken an “optimistic” view of the European Union’s ability to meet renewable energy targets due to higher planned renewables auction volumes and faster distributed solar PV growth in member states.

Meanwhile in the US, wind and solar PV developers are rushing to complete projects before federal tax incentives end, while corporate power purchase agreements (PPAs) and state-level policies contribute to growth, the IEA said.