By tf-lawyer.com The International Energy Agency (IEA) recently reported on China’s leading role in the swift growth of clean energy, particularly in solar power, forecasting that by 2030, China will represent nearly half of the world’s renewable energy capacity.
The IEA projects that China will contribute nearly 60% of all new renewable energy installations worldwide over the next seven years. Their latest findings indicate that renewable energy projects will be initiated at a rate three times faster than in the previous six years, largely driven by efforts in China and India.
Fatih Birol, the IEA’s executive director, summarized this trend succinctly: “If I could sum this [trend] up in two words, they would be: China, solar.” By the end of the decade, China’s renewable energy capacity is expected to exceed 50% of the global total. This rapid expansion in solar power is said to be dampening the growth of coal energy. For example, while China granted permits for 100 gigawatts (GW) of new coal plants in 2022 and 2023, only 12 new projects totaling 9.1 GW received approval in the first half of 2024.
The IEA anticipates that solar power will dominate, accounting for 80% of all new renewable energy capacity added globally by 2030. This growth is largely attributed to falling costs and strong policy support, which are encouraging households and businesses to invest in solar installations to reduce their electricity bills.
In addition to solar energy, wind power is also showing signs of recovery from the impacts of rising interest rates and supply chain challenges, especially in the offshore wind sector. The IEA expects global wind power growth to double from 2024 to 2030 compared to the previous six years. In the UK, the government aims to quadruple its offshore wind capacity by 2030 and is promoting the development of floating wind turbines. Although currently a minor segment of the industry, these could potentially provide a third of the UK’s offshore wind capacity by 2050, offering significant economic benefits, especially in Scotland and Wales.
Birol pointed out, “Renewables are moving faster than national governments can set targets for. This rapid change is not only about reducing emissions or enhancing energy security; increasingly, it’s because renewables now provide the most cost-effective option for new power plants globally.”
The IEA’s report implies that renewables are on pace to grow 2.7 times by 2030, surpassing government targets by nearly 25%. However, this growth is still shy of the ambitious goal set by world leaders at last year’s COP28 climate talks in Dubai, which aimed to triple global renewable capacity by 2030 to dramatically decrease reliance on fossil fuels.
When discussing the targets, Birol stated that achieving them is “entirely possible” and outlined three key steps governments could take to accelerate the deployment of renewable energy. Firstly, he emphasized the critical need for global leaders to recognize the “importance of building power grids” to connect new renewable projects. Currently, about 1,650 gigawatts of renewable capacity are in advanced development stages, awaiting grid connections—an increase of 150 GW from the previous year.
Secondly, he pointed out the importance of streamlining the permitting process for renewable energy projects, which can take up to seven years for wind farms and five for solar farms. Finally, he urged international financial institutions to increase their support for renewable energy initiatives in emerging and developing economies, which continue to lag behind their developed counterparts.
Birol noted, “One of the biggest ‘energy inequalities’ I see is in sub-Saharan Africa, where one in two people lack access to reliable electricity. Despite its vast solar potential, the entire region has the same solar capacity as Belgium. It’s frustrating.”
