Renewables 2019: Analysis and Forecast to 2024
Foreword
This report highlights the pivotal role of renewable energy in the global energy system. Technologies such as solar photovoltaics (PV) and wind are central to ongoing transformations. Despite a temporary stall in capacity additions last year, global renewable power capacity is expected to see double-digit growth in 2019. However, to meet long-term sustainable energy goals, these technologies need to grow much more rapidly.
Key Findings
- Solar PV Growth: Distributed solar PV is set to become economically viable in most countries by 2024.
- Policy and Market Support: The International Energy Agency (IEA) emphasizes the importance of supportive policies and market mechanisms to facilitate the transition to renewable energy.
- System Integration: The IEA focuses on how power systems can manage higher shares of variable renewables, ensuring electricity security remains a priority.
Report Focus
The report primarily focuses on distributed solar PV, which involves households, industrial plants, and businesses generating their own electricity. This sector is expected to experience significant growth, transforming the way electricity is generated and consumed.
Challenges
- Revenue Stability: The expansion of distributed solar PV requires careful management to ensure stable revenues for grid maintenance.
- System Costs: Managing system integration costs is crucial to keep overall expenses manageable.
- Fair Cost Allocation: Ensuring fair cost allocation among electricity consumers is essential.
Conclusion
Renewable energy technologies, including wind, solar, hydropower, and bioenergy, are key to global energy transitions. The IEA is committed to helping countries develop appropriate policies to ensure a secure and sustainable future for all.
Note: This summary is based solely on the provided text and does not include any additional information or opinions.
