Electricity production from renewable energy could triple by 2030

At the end of last year, around 200 countries adopted recommendations for the expansion of renewable energies by 2030 at the UN Climate Conference. By then, global electricity production from wind and solar should be tripled. A new analysis by the International Energy Agency (IEA) now shows: This goal is within reach. Almost half of the world’s electricity needs will be covered by renewable energies in 2030, according to the report presented by the IEA on Tuesday in Paris.

IEA Executive Director Fatih Birol said: “This report shows that the growth of renewable energy, particularly solar energy, will transform electricity systems worldwide this decade.” Around 5,500 gigawatts more energy from renewables would be added worldwide by 2030. According to the IEA, this amount is roughly equivalent to the current energy capacity of China, the European Union, India and the United States combined.

“Renewable energies are developing faster than national governments can set targets,” said Birol. On the one hand, this is due to efforts to reduce emissions and increase energy security. On the other hand, it is also because renewable energies are already the cheapest option for building new power plants in almost all countries in the world.

China as a driver of the increase in renewable energy

In the IEA annual report now presented, the authors analyzed what challenges and obstacles currently exist that prevent faster growth in renewable energy. At the same time, the IEA dares to forecast the future use of renewable energy in the areas of electricity, transport and heat up to 2030.

For the first time in December, a climate conference called on the world to move away from coal, oil and gas. The UN climate chief Simon Stiell said at the time in Dubai: “We have not ended the age of fossil fuels in Dubai, but we have heralded its end.” The IEA has now examined how quickly this end is progressing.

It expects electricity production from renewable energy to increase 2.7 times by 2030. The IEA has now said that the climate and energy security policies of numerous countries have ensured that renewable energies are offered at competitive costs compared to fossil-fired power plants. This is leading to new demand from the private sector and households, while states are supporting the production of solar panels and wind turbines with subsidies.

The goal recommended by the UN in Dubai can be achieved if more is done to reduce the high financing costs for new projects in emerging and developing countries. These are currently slowing the growth of renewable energies in regions with high potential such as Africa and Southeast Asia.

The IEA sees developments in China and the expansion of photovoltaic systems as the drivers of the increase in renewable energies. 60 percent of the expansion of renewable energies would take place in China. In India, it is growing the fastest if you look at all the major economies. In terms of technologies, it is predicted that photovoltaic systems alone will account for 80 percent of global renewable energy growth by 2030. This is the result of the construction of new large solar power plants and an increase in solar systems on the roofs of companies and households.

The next round of the UN climate conference is scheduled for mid-November in Baku. The question there is likely to be how the fight against climate change should be financed. At the end of September, the Federal Council announced its priorities for the summit: It would work to ensure that the states set a new global financial target for combating climate change. According to the Federal Council, states with particularly high greenhouse gas emissions should contribute the most to the financial target. In addition, the potential of the private sector should be used to invest in climate protection.