According to The Guardian, renewable energy projects are coming to light at their fastest rate in four years.
These projects, which include solar, wind, and hydropower, might possibly expand by 50 percent in the next five years. This expansion would be “powered by a resurgence in solar energy” due to its cheaper costs, The Guardian says. “The cost of solar is expected to decline by a further 15 percent to 35 percent by 2024, spurring further growth over the second half of the decade.”
Pulling data from the International Energy Agency (IEA), the world’s capacity for solar energy could grow by 600GW by 2024, which is “almost double the installed total electricity capacity in Japan.” In the next five years, all renewable energy usage is anticipated to grow by 1,200GW, which is “the total electricity capacity of the U.S.”
Currently, the world’s electricity is comprised of 26 percent renewable energy sources; that number is expected to climb to 30 percent by 2024. The growth in renewable energy usage could end the world’s demand for oil and coal in the 2020’s.
“This is a pivotal time for renewable energy,” IEA’s executive director, Fatih Birol, told The Guardian. “Technologies such as solar photovoltaics (PV) and wind are at the heart of transformations taking place across the global energy system. Their increasing deployment is crucial for efforts to tackle greenhouse gas emissions, reduce air pollution, and expand energy access.”
Birol also said that renewable energy use would need to grow quickly “if the world hopes to meet its climate targets.” This might be possible, The Guardian says, since energy-hungry businesses and factories are forecasted to take advantage of dropping costs to cut their energy bills.
Finally, the IEA said that the growing climate ambitions coming from the U.S. and European Union are responsible for its renewables forecast. It also said that China will be a leader in developing wind and solar energy projects.