The report from the International Energy Agency (IEA) is generally encouraging about the future of renewable energy yet does not ignore the many challenges ahead. For example, IEA notes that since ending feed-in tariffs in 2020, China’s cumulative solar PV capacity has almost quadrupled and wind capacity has doubled, driven by cost competitiveness and supportive policies. Similarly, the European Union and the United States were both forecast to double the pace of renewable capacity growth between 2024 and 2030 (NB: report dated October 2024), with India seeing the fastest rate of growth among large economies.
However, areas requiring attention include the need for policy improvements to facilitate the exploitation of as-yet untapped renewables, strengthening of grid infrastructure, and the requirement for policy makers to create clear, long-term targets.