IEA: Global Renewable Power Capacity Up 4,600 GW by 2030

SECAUCUS, NJ (DTN) —  Global renewable power capacity is expected to rise by 4,600 GW by 2030, doubling current levels in an expansion led by solar photovoltaic growth, the International Energy Agency said Tuesday (10/7).

The generation capacity forecast over the next five years was “roughly the equivalent of adding China, the European Union and Japan’s total power generation capacity combined”, the IEA said.

It said solar photovoltaic growth will account for around 80% of the global increase in renewable power capacity by 2030, driven by low costs and faster permitting timeframes, followed by wind, hydro, bioenergy and geothermal.

It also said global supply chains for solar PV and the rare earth elements used in wind turbines will likely remain heavily concentrated in China, underscoring supply security risks.

China’s share of key production segments for such supply chains and elements is expected to remain at above 90% through 2030, the IEA said.