Solar PV drives expected growth,in renewable capacity additions

Renewable power capacity is set to expand by 50% between 2019 and 2024, led by solar PV. This increase of 1 200 GW is equivalent to the total installed power capacity of the United States today. Solar PV alone accounts for almost 60% of the expected growth, with onshore wind representing one-quarter.

Offshore wind contributes 4% of the increase, with its capacity forecast to triple by 2024, stimulated by competitive auctions in the European Union and expanding markets in China and the United States. Bioenergy capacity grows as much as offshore wind, with the greatest expansions in China, India and the European Union.

Hydropower growth slows, although it still accounts for one-tenth of the total increase in renewable capacity.

In Renewables 2019’s accelerated case, renewable capacity growth could be 26% (1 500 GW) higher than in the report’s main forecast. The accelerated case requires that governments address three main challenges:

1) policy and regulatory uncertainty;

2) high investment risks in developing countries; and

3) system integration of wind and solar in some countries. Solar PV is the single largest source of additional expansion potential, followed by onshore wind and hydropower.,

Source / More : International Energy Agency


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