Published: Wed, October 23, 2019
Sci-tech | By Patricia Wade

50% Expansion for Renewable Energy Over the Next Five Years

50% Expansion for Renewable Energy Over the Next Five Years

The expected growth predicted by the report will come after renewable capacity additions stalled previous year for the first time in nearly two decades.

The IEA has just released its five-year forecast for renewable energy, including solar, yet again there are some key areas that need highlighting from an industry health warning perspective.

Those gains represent an increase of about 1,200 gigawatts from 2018 to 2024, equal to the total installed capacity in the U.S., according to a report published Monday by the International Energy Agency.

Figures included within the 2019 edition of the IEA's Renewables market report state that total renewables capacity will increase from 2.5TW to 3.7TW within by 2024 as costs come down.

The IEA's market report noted that 60 percent of the expected rise in our renewable energy capacity would be due to solar photovoltaics (PV).

"Renewables are already the world's second largest source of electricity, but their deployment still needs to accelerate if we are to achieve long-term climate, air quality and energy access goals", IEA executive director Fatih Birol said in a statement.

Heat from renewable energy is set to increase by 22 per cent by 2024, according to the IEA, with China, the EU, India and United States contributing most of that growth.

As it stands, the development of new wind, solar, and hydropower technologies is climbing at its fastest rate in four years.

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While nations are quickly adopting solar and wind, the IEA said coal is still expected to be the largest source of power globally in 2024. "This is a pivotal time for renewable energy", said Birol.

The IEA's report, Renewables 2019, uses market analysis on renewable energy and technologies, including solar photovoltaic (PV) systems, to project industry trends through 2024.

Apprehension is growing across the world over big dam construction, especially as China has become the world leader in construction.

Plunging solar costs have caught the eye of Corporate America, encouraging companies like Facebook (FB) and General Motors (GM) to reach power purchase agreements that pave the way for large-scale renewable energy projects. By 2024, the number of solar rooftop systems on homes could double to about 100 million, with high demand in Austria, Australia, Belgium, the state of California, and the Netherlands. Onshore wind will make up a quarter of the growth in renewables over the next five years.

Three major challenges to boosting deployment are "policy and regulatory uncertainty, high investment risks, and system integration of wind and solar PV", according to the IEA's report.

"Much greater efforts are required", the IEA said.

Rooftop solar, installed on businesses, homes and commercial industries, will make up almost half the sun-powered increase.

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