Renewable energy sources are growing quicker than first anticipated and could expand by 50% in the next five years, powered by an increase in solar energy.
A study carried out by the International Energy Agency (IEA) showed that solar, wind and hydropower projects are increasing at the quickest rate in four years. The report also suggests by 2024 solar capacity could expand to 600GW, while overall renewable electricity is expected to grow by 1,200 GW in the next 5years.
At this current time, solar and wind are undergoing huge transformations. Renewable sources currently make up 26% of the world’s electricity today but, according to the IEA, it’s expected to reach 30% by 2024. The recovery comes after a global slowdown last year, due to falling technology costs and rising environmental concerns.
IEA’s executive director, Fatih Birol, has since warned the percentage of renewables in the global energy system needs to increase quicker in order to meet net-zero targets. It is expected that solar will play the biggest part in the growth of global renewable energy, with the expected cost of solar power to further decline by 15%-35% by 2024.
As well as businesses, the number of home solar panels is due to increase to around 100 million rooftops by 2024. Even with this growth, solar will only cover 6% of the world’s available rooftops, leaving scope for further growth.