The International Energy Agency (IEA) expects global renewable energy capacity to double by 2030, with an increase of 4.6 TW, but has revised downward its forecast for deployment in the United States.
According to a new IEA report, solar power will account for nearly 80% of the global growth in renewable capacity, followed by wind, hydropower, bioenergy, and geothermal power.
In over 80% of countries worldwide, the growth rate of renewable energy capacity is projected to be faster between 2025 and 2030 than in the previous five years. However, challenges such as power system integration, fragile supply chains, and financing issues continue to accumulate.
By the end of 2030, the United States is expected to add 250 GW of renewable capacity, nearly 50% lower than last year’s forecast. According to the IEA, this reflects changes in the country’s policies, including the premature phase-out of federal tax credits, new import restrictions, a pause on new offshore wind farm leases, and limitations on permitting for onshore wind and solar projects on federal lands.
Meanwhile, China’s shift from feed-in tariffs to auctions is impacting project economics and dampening growth expectations. Nevertheless, the country still accounts for nearly 60% of global renewable capacity expansion.
In September of this year, the U.S. Department of Energy announced its intention to cancel more than $13 billion in support allocated by the Biden administration for subsidies targeting wind and solar power, batteries, and electric vehicles.
