GLOBAL RENEWABLES EXPECTED TO RISE 50 PERCENT BY 2024

Global renewable power capacity is expected to expand by 50 per cent in the next five years, according to the International Energy Agency (IEA), which credited solar photovoltaic (PV) installations for the likely expansion in capacity.
Around 1,200 GW of additional capacity is forecast to be added to global power networks, approximately equivalent to the total installed power capacity of the United States today. Solar PV alone accounts for almost 60 per cent of the expected growth, with onshore wind representing one-quarter and offshore wind responsible for around 4 per cent of the increase
The IEA also offered an “accelerated” forecast that could see an additional 26 per cent (1,500 GW total) capacity added under the proviso that governments address a series of challenges, such as clearing up policy and regulatory uncertainty that have created difficulties for the renewables sector and greater integration of wind and solar in some countries.
China alone accounts for 40 per cent of global renewable capacity expansion over the forecast period. The forecast for China is higher than last year because of improved system integration, lower curtailment rates and enhanced competitiveness of both solar PV and onshore wind. The country has been trying boost its renewables capacity as it regularly suffers from severe smog caused by coal burning that affects businesses and the health of residents in highly populated areas like Beijing. A 2017 report found that the air pollution in the country was so bad that its solar panels were not working at optimum efficiency as the sun was partially blocked by particulates in the air.
“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,” said Fatih Birol, the IEA’s executive director. “As costs continue to fall, we have a growing incentive to ramp up the deployment of solar PV.”
The cost of generating electricity from distributed solar PV (PV systems on homes, commercial buildings and industry) is already below retail electricity prices in most countries. Solar PV generation costs are expected to decline a further 15 to 35 per cent by 2024, making the technology more attractive for adoption, the IEA said.