Have you ever wondered what the energy world will look like in 2030? According to the latest report from theInternational Energy Agency (IEA), we are definitely on the brink of change. Renewables, led by solar, are poised to meet nearly half of global energy demand. already by the end of this decade. It is an epochal change, which promises to reshape the global energy landscape. But what does this mean for us? How will it change the way we produce, consume and think about energy? And above all, are we ready for this transformation?
Unprecedented growth
The IEA's "Renewables 2024" report reveals surprising data on the growth of renewable energy. By 2030, global renewable energy capacity is expected to increase by more than 5.500 gigawatts (GW). To put this figure into perspective, is approximately equivalent to the current combined energy capacity of China, the European Union, India and the United States. Between 2024 and 2030, new renewable installations will be almost three times higher than those seen between 2017 and 2023. China leads this race, responsible for nearly 60% of all new renewables added during this period.
Global Energy Demand: Solar Dominates the Scene
Solar photovoltaics are the true protagonist of this energy revolution. It is expected to account for 80% of new renewable capacity. This boom is fueled by the construction of large solar power plants and the increase in rooftop solar panel installations on homes and businesses. Fatih Birol, who as Executive Director of the IEA presided over this and other reports published in the recent past, underlines:
By 2030, we expect renewables to meet half of global electricity demand.
We need to adapt, though
Despite the impressive growth, the IEA report highlights some key challenges. Governments will need to step up efforts to integrate solar and wind power into electricity grids. In some countries, up to 10% of renewable energy generated is currently curtailed or not used. To solve this problem, you will need to:
- Increasing the flexibility of energy systems
- Simplify authorization processes
- Build or modernize electricity grids
- Reach one
storage capacitydi 1.500 GW by 2030.
Energy Demand: The Future of Solar Production
The report also examines the production of renewable technologies, focusing in particular on solar. It is expected that Global solar generation capacity will exceed 1.100 GW by the end of 2024, far outpacing demand. This overproduction, mainly from China, has caused solar module prices to collapse, but has also put financial pressure on manufacturers. In the meantime, it is expected that Solar generation capacity to triple in both India and the US by 2030, helping to diversify the global supply chain.
A race against time
Dave Jones, director of global insights at independent energy think tank Ember, comments:
Policymakers are embracing solar and wind like never before, but they are still two steps behind the reality on the ground. The market can deliver on its renewable promises, and governments must now prioritize investments in storage, grids, and other forms of clean flexibility to enable this transformation. The next half-decade will be an incredible journey.
As 2030 approaches, the future of energy is coming faster than many had anticipated. Global energy demand is ripe for a revolution, and renewables are at the forefront of this momentous transformation.
