BAKU, Azerbaijan, October 9. Global renewable electricity generation is set to surge to over 17,000 terawatt hours (TWh) by 2030, nearly doubling from 2023 levels, according to a new outlook by the International Energy Agency (IEA), Trend reports.
This significant increase will be enough to meet the combined power demand of China and the United States by the end of the decade, the agency noted, underscoring the rapid growth and adoption of renewables in the global energy mix.
Several key milestones in renewable energy are expected over the next six years. In 2024, solar PV and wind power are projected to surpass hydropower generation for the first time, marking a major shift in the landscape of renewable energy. By 2025, electricity generated from renewables is anticipated to overtake coal-fired power, a significant milestone in the global effort to transition away from fossil fuels.
The momentum continues as wind and solar power generation are forecast to surpass nuclear energy by 2026, with solar PV overtaking wind in 2027. By 2029, solar PV will become the largest renewable power source, surpassing hydropower, and by 2030, wind generation will also exceed hydropower’s output.
By 2030, nearly half of global electricity generation (46%) is expected to come from renewable energy sources, with solar PV and wind together accounting for 30%. This marks a dramatic rise in the prominence of variable renewable energy sources - such as solar and wind - which are predicted to make up two-thirds of global renewable electricity generation by the end of the decade, up from less than 45% today.
The report notes that solar PV’s share in meeting global power demand is expected to triple by 2030, while wind power will nearly double. Hydropower, though still growing as new projects are completed, especially in emerging and developing countries, is expected to become less dominant, with its share in total power generation declining slightly over the forecast period.
Despite the explosive growth in solar and wind, the report highlights that other renewable sources - such as bioenergy, concentrated solar power (CSP), and geothermal - will remain relatively unchanged, contributing less than 3% of global renewable electricity generation by 2030.
The IEA stresses that with variable renewables accounting for 90% of the global renewable generation increase over the next six years, additional power system flexibility will be crucial. This could include energy storage solutions, grid infrastructure upgrades, and flexible generation technologies to ensure a stable and reliable energy supply as the world transitions towards more renewable electricity.