The world’s total renewable power capacity is forecast to grow by 50 per cent by 2024, according to the International Energy Agency’s (IEA) Renewables 2019 report, which was released today.
Solar photovoltaics are predicted to account for more than half of the growth, with the 600GW increase to be driven mainly by commercial, industrial and private installation.
The number of solar rooftop systems on homes is set to more than double to 100m by 2024, with Australia and California expected to be among the lead markets.
The cost of producing solar power is also predicted to decline 15 per cent to 35 per cent by 2024, which will incentivise further adoption.
Total renewable capacity will grow by 1,200GW, the equivalent of the total electricity capacity of the United States, to 3,700GW.
If the predictions are correct, the share of the world’s energy supplied through renewables will reach 30 per cent, up from 26 per cent today.
However, the IEA warned that the forecast growth remains well below what is needed to meet global sustainable energy targets.
Dr Fatih Birol, executive director of the IEA, said: “Renewables are already the world’s second largest source of electricity, but their deployment still needs to accelerate if we are to achieve long-term climate, air quality and energy access goals.”
According to the report, policy and regulatory uncertainty, high investment risks and the integration of wind and solar systems are the main challenges to be overcome in order to speed up the deployment of renewables.