China’s Solar Power Surge to Lead Global Clean Energy Expansion by 2030, Says IEA
China is set to dominate the global renewable energy landscape, accounting for nearly 60% of all new capacity installed worldwide by 2030, according to a report from the International Energy Agency (IEA). This rapid expansion is largely driven by China’s aggressive investment in solar power, positioning the country to hold over half of the world’s renewable energy capacity by the end of the decade.
The IEA’s latest renewable energy report projects a significant acceleration in clean energy projects over the next six years, driven by major renewable energy programs in both China and India. These efforts are expected to see the global renewable energy capacity increase at three times the pace of the previous six years.
Fatih Birol, executive director of the IEA, emphasized China’s pivotal role in the shift, saying, “If I could sum this trend up in two words, they would be: China, solar.” China’s massive solar energy expansion has been instrumental in slowing down its coal power pipeline. In 2022 and 2023, the country permitted 100 GW of new coal plants, but in the first half of 2024, only 9.1 GW in coal projects were approved, according to Global Energy Monitor.
Solar energy is expected to account for 80% of all new renewable power globally by 2030, thanks to falling costs and supportive policies that encourage homes and businesses to invest in solar panels to cut electricity costs.
The IEA also highlighted wind power’s recovery from challenges such as rising interest rates and supply chain disruptions. The growth of global wind energy, particularly offshore wind, is projected to double between 2024 and 2030. In the UK, the government aims to quadruple offshore wind capacity by 2030, with floating wind turbines playing a key role. By 2050, floating wind farms could contribute £47 billion to the UK economy, especially benefiting port communities in Scotland and Wales.
Birol pointed out that the renewable energy sector is outpacing national government targets, driven by the economic advantages of clean energy. “Renewables today offer the cheapest option to add new power plants in almost all countries around the world,” he said.
According to the IEA, the renewable energy market is on track to grow by 2.7 times by 2030, exceeding government-set goals by nearly 25%. However, this progress still falls slightly short of the global target to triple renewable energy capacity by the end of the decade, a commitment made by world leaders at the UN’s Cop28 climate summit in Dubai last year.
Birol noted that meeting the ambitious target of tripling renewables by 2030 is “entirely possible,” but global governments must take three key actions to accelerate progress. Firstly, there is an urgent need to build power grids to connect new renewable projects. Currently, 1,650 GW of renewable capacity is awaiting grid connections, 150 GW more than a year ago.
Secondly, governments must streamline the approval process for renewable energy projects. It can take up to seven years to greenlight a wind farm and five years for a solar project.
Finally, the IEA urged international financial institutions to increase support for renewable energy development in emerging markets and developing economies, where progress lags behind. Birol expressed frustration over the slow pace of solar power adoption in sub-Saharan Africa, despite its enormous potential. “It is frustrating,” he said, pointing out that the entire region’s solar capacity is equivalent to that of Belgium, while half of its population lacks reliable electricity access.
The IEA’s report underscores the rapid growth of renewable energy worldwide, led by solar and wind, and highlights the critical steps needed to achieve global clean energy goals.
Source ; Swifteradio.com
