BAKU, Azerbaijan, October 9. The International Energy Agency (IEA) forecasts a 60% increase in renewable energy consumption between 2024 and 2030, pushing the share of renewables in final energy consumption to nearly 20% by the end of the decade, up from 13% in 2023, Trend reports.
According to the agency, electricity generation from renewable sources is expected to account for more than three-quarters of this increase, driven by strong policy support across more than 130 countries, the falling costs of renewable technologies, and the rising use of electricity in road transport and heat pumps.
Global renewable energy capacity is projected to grow by 2.7 times by 2030, surpassing the current ambitions of many countries by almost 25%. Despite this progress, the growth is still short of the goal set by nearly 200 countries at the COP28 climate summit to triple global renewable capacity by the end of the decade.
The report highlights that climate and energy security policies in nearly 140 countries have been instrumental in making renewable energy more cost-competitive with fossil fuels. This has unlocked new demand from both the private sector and households, while industrial policies promoting local production of solar panels and wind turbines have helped foster domestic markets.
However, while significant progress is being made, the report cautions that the current rate of expansion will not be enough to meet global targets. The IEA’s main scenario predicts 5,500 GW of new renewable capacity will come online by 2030, with annual additions reaching almost 940 GW by the end of the decade - a 70% increase from the record levels achieved in 2023.
Solar and wind power will be the primary drivers of this growth, accounting for 95% of the new capacity added by 2030, thanks to their growing economic appeal across most countries.
Despite the positive outlook, the report stresses the need for enhanced ambitions in the next round of Nationally Determined Contributions (NDCs), which countries will submit in 2025. Currently, only 14 countries have set explicit renewable energy targets in their NDCs. By 2030, the IEA expects that nearly 70 countries, representing 80% of global renewable capacity, will meet or exceed their current goals. China, in particular, is poised to lead the way, with other major economies such as Brazil, India, and the United States also contributing significantly.