International Energy Agency (IEA) – in energy outlook 2024 – has outlined a significant acceleration of clean power sources by 2030, with global growth outpacing electricity demand by 20 percent under current policies and market conditions. Key points include:
Renewable Energy Growth: Renewables are expected to drive the majority of clean power growth, with investments rising from USD 680 billion in 2023 to USD 850 billion by 2030. Solar PV will lead, with over 600 GW added annually, followed by 160 GW of wind, 30 GW of hydropower, and 12 GW of other renewables. Total global renewable capacity is set to increase 2.3-fold by 2030.
Nuclear Energy: Nuclear power will also contribute, with efforts to maintain and expand reactors in around 30 countries.
Decline in Fossil Fuels: Electricity generation from unabated fossil fuels is expected to decrease, with a significant decline in coal (10 percent) and oil-fired power (50 percent). However, gas-fired power will rise slightly (5 percent).
Advanced Economies: Clean power is expected to grow twice as fast as electricity demand, with fossil fuel-based generation falling by 30 percent, driven by a 50 percent reduction in coal and a 15 percent decline in gas.
Emerging Markets: Clean power growth will match electricity demand, driven primarily by solar PV, and China will account for 70 percent of the clean power growth. However, fossil fuel use will largely remain unchanged in these regions by 2030.
Net Zero Goals: The current trajectory under the Stated Policies Scenario (STEPS) is insufficient to meet net-zero targets by 2050. To align with the more ambitious Net Zero Emissions (NZE) Scenario, clean power needs to grow faster, particularly in emerging markets and advanced economies. By 2035, this would require reductions of 85 percent in coal-fired power and 55 percent in gas-fired power.