Clean Energy Predicted to Meet Almost Half of Global Electricity Demand by 2030
A recent forecast suggests that renewable energy sources are expected to power nearly half of the world’s electricity demand by 2030. Despite this significant advancement, it is projected to fall short of the UN target set to triple global renewable capacity by the end of the decade.
According to the International Energy Agency (IEA), the world is on track to add approximately 5,500 gigawatts (GW) of power capacity through renewables, equivalent to the combined power capacity of China, the European Union, India, and the US. The surge in solar panels, wind turbines, and other green energy sources is expected to drive this increase.
Fatih Birol, the Executive Director of IEA, highlighted that the growth in renewables is not only motivated by emission reduction efforts but also due to being the most cost-effective option for new power plant additions globally. The rapid growth in renewables is outpacing national government targets.
To achieve the goal of tripling global renewable capacity, governments worldwide need to enhance their efforts to integrate green energy sources into their power grids. The IEA emphasised the necessity of constructing or upgrading 25 million kilometres of grid connections, including pylons and cables, in the upcoming years.
One of the challenges addressed is the underutilisation of about 10% of renewable electricity generation due to grid limitations in multiple countries. Consequently, countries must prioritise infrastructure upgrades to maximise renewable energy usage. The IEA also highlighted the need for 1,500 GW of storage capacity by 2030 to meet the increasing demand.
China is expected to dominate with nearly 60% of the global renewable capacity installed over the next six years, positioning the country to account for almost half of the total capacity by 2030. Meanwhile, the UK government is implementing various policies to bolster domestic capacity, such as establishing the state-owned energy investment firm, GB Energy, to boost offshore wind power.
A recent report from a joint task force revealed that floating wind turbines could potentially contribute one-third of the UK’s offshore wind capacity by 2050. This innovative technology is anticipated to create employment for 97,000 individuals and add £47 billion to the economy. Although floating projects are presently costly, costs are projected to decrease by 30% in the next six years, making it a more affordable option.
Energy Secretary Ed Miliband expressed the UK’s commitment to pioneering this cutting-edge technology to expedite the transition to clean energy, generate employment opportunities, and promote economic growth. The task force’s co-chair, Dan McGrail, emphasised the opportunity for the UK to lead in scaling up floating wind technology, predicting it to become a major global industry in the 21st century.