Renewable power capacity is forecast to increase by 50% between 2019 and 2024, the International Energy Agency said Monday.
According to its “Renewables 2019” market report, the increase will amount to 1,200 gigawatts and be driven by drops in cost and what the IEA described as “concerted government policy efforts.”
In 2018, renewable capacity hit just over 2,500 GW, CNBC reported.
If the IEA’s forecast plays out, it would bring total renewable capacity to approximately 3,700 GW by 2024.
Capacity refers to the maximum amount that installations can produce, not what they are currently generating.
Solar photovoltaics are due to make up nearly 60% of the expected rise, with the onshore wind sector accounting for 25% and offshore wind responsible for 4%.
Photovoltaic refers to a way of directly converting light from the sun into electricity.
The IEA said that distributed solar PV– systems installed on commercial buildings, homes and in industry – would make up nearly half of the increase in the solar PV market.
Overall, renewables’ share in worldwide power generation is seen growing from 26% now to 30% in 2024.