Solar energy to drive 50% rise in renewables by 2024: IEA report

A fresh report from the International Energy Agency (IEA) has forecasted that the world’s renewable energy electricity generation will increase by 50% between 2019 and 2024, with solar PV at the centre of the growth curve.

The IEA’s annual Renewables Report found that total renewables capacity will increase by 1.2TW to 3.7TW by 2024, a figure equivalent to the current total power generation capacity of the United States.

This increase is set to be driven primarily by continued technology cost reductions and concerted government policy efforts, with the IEA also highlighting the ‘spectacular’ growth of the solar market. Solar is expected to account for 60% of the rise in renewables over the next five years.

Distributed PV (rooftop solar) will account for almost half of the growth in the overall solar market, with the number of solar rooftop systems on homes set to more than double to some 100 million by 2024.

The IEA’s forecast comes after global renewable capacity growth stalled last year for the first time in almost two decades. However, the new figures still remain below what is needed to meet global sustainable energy targets.

“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.