Renewable Energy Capacity On Track To Rival Fossil Fuels In 2024

Renewable energy capacity worldwide is set to rival fossil fuels in 2024. According to a report released by the International Energy Agency (IEA), the renewable energy capacity will surpass 4,500 watts by next year. The report highlights that the global renewable capacity increased by approximately 330 GW in 2022 and is projected to grow by more than 440 GW in 2023. 

This surge can be attributed to concerns regarding energy security, particularly following Russia’s invasion of Ukraine, as well as efforts to achieve decarbonization goals. By 2024, renewables are expected to account for half of all generating capacity globally, surpassing fossil fuels. However, due to their intermittent nature, renewables may contribute a lower share to actual electricity generation compared to fossil fuels and nuclear power.

Solar energy is predicted to dominate this year’s new additions, with continued growth anticipated in 2024. In addition to large-scale solar farms, rooftop solar installations are gaining momentum. The wind power sector is also expected to rebound after experiencing a slump during the pandemic. 

Read Also : China to Start Testing Renewable Energy in Rural Areas

Leading the surge in renewables are China and the European Union, while the United States and India are also playing increasingly significant roles. The IEA foresees China solidifying its position as the global leader in renewable energy deployment throughout 2023 and 2024. On the other hand, Japan is lagging behind, with a projected increase of only 10 GW in renewable capacity in 2023, compared to China’s estimated 231 GW.

The need for energy security has been a driving factor in the shift towards renewable energy, as highlighted by the risks associated with heavily relying on imported fossil fuels, exemplified by the invasion of Ukraine. However, the intermittent nature of renewable energy sources like solar and wind necessitates the use of batteries or complementary sources such as conventional power to ensure a stable electricity supply. The IEA report emphasizes the importance of robust transmission and distribution networks capable of efficiently transporting power to high-demand areas with minimal losses.

Source : Nikkei

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