Baku, Azerbaijan, Oct.21
By Leman Zeynalova – Trend:
Share of renewables in global power generation is set to rise from 26 percent 30 percent, Trend reports citing Renewables 2019 market report of the International Energy Agency (IEA).
The report forecasts that the world’s total renewable-based power capacity will grow by 50 percent between 2019 and 2024. This increase of 1,200 gigawatts – equivalent to the current total power capacity of the United States – is driven by cost reductions and concerted government policy efforts.
“Solar photovoltaic (PV) accounts for 60 percent of the rise. The share of renewables in global power generation is set to rise from 26 percent today to 30 percent in 2024. The expected growth comes after renewable capacity additions stalled last year for the first time in almost two decades. The renewed expansion remains well below what is needed to meet global sustainable energy targets, however,” said IEA.
The report highlights the three main challenges that need to be overcome to speed up the deployment of renewables: policy and regulatory uncertainty, high investment risks and system integration of wind and solar PV.
The cost of generating electricity from distributed solar PV systems is already below retail electricity prices in most countries, according to the report.
The IEA forecasts that these costs will decline by a further 15 percent to 35 percent by 2024, making the technology more attractive and spurring adoption worldwide.
“Renewable heat is set to expand by one-fifth between 2019 and 2024, driven by China, the European Union, India and the United States. The heat and power sectors become increasingly interconnected as renewable electricity used for heat rises by more than 40 percent. But overall, renewable heat potential remains vastly underexploited. The share of renewables in total heat demand is forecast to remain below 12 percent in 2024, calling for more ambitious targets and stronger policy support,” says the report.
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