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Global Renewable Energy Capacity to Rise by 50% in 5 Years

The International Energy Agency has forecasted a 50 percent increase in global renewable energy capacity in the next five years.

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The International Energy Agency has reported that our global renewable energy capacity is set to increase by 50 percent in the next five years.

According to IEA’s Renewables 2019 market report, the rise in green energy will amount to 1,200 gigawatts (GW) between 2019 and 2024. IEA also attributed the predicted increase in the distribution of solar renewables and continuous government policy efforts.

Fatih Birol, IEA’s executive director, said:

“This is a pivotal time for renewable energy. Technologies such as solar photovoltaics (PV) and wind are at the heart of transformations taking place across the global energy system. Their increasing deployment is crucial for efforts to tackle greenhouse gas emissions, reduce air pollution, and expand energy access.” –

Last year, the global renewable energy capacity only reached a little over 2,500 GW. If IEA’s prediction is correct, the world’s total renewable capacity will hit 3,700 GW by 2024.

Increasing Global Renewable Energy Capacity

The IEA’s market report noted that 60 percent of the expected rise in our renewable energy capacity would be due to solar photovoltaics (PV). Twenty-five percent will be coming from the onshore wind sector, while the offshore wind sector will be responsible for four percent.

IEA’s report said:

“Contrary to conventional wisdom, commercial and industrial applications rather than residential uses dominate distributed PV growth, accounting for three-quarters of new installations over the next five years. This is because economies of scale combined with better alignment of PV supply and electricity demand enable more self-consumption and bigger savings on electricity bills in the commercial and industrial sectors.”

To date, 26 percent of the world’s electricity comes from renewable energy sources. IEA estimates that it will increase to 30 percent by 2024.

However, IEA said that its accelerated scenario should be followed by an expansion to meet the global climate and sustainability needs.

“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,” Birol added.

Read More: Historic First: Renewables In The U.S Now Bigger Than Coal

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Rechelle Ann Fuertes

Rechelle is an SEO content producer, technical writer, researcher, social media manager, and visual artist. She enjoys traveling and spending time anywhere near the sea with family and friends.

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