Renewables 2024

Renewables 2024: Analysis and Forecast to 2030

Executive Summary

This edition of the IEA's annual Renewables market report provides forecasts for the deployment of renewable energy technologies in electricity, transport, and heat through 2030. The report explores key challenges and identifies barriers hindering faster growth. Notably, at the COP28 UN Climate Change Conference, governments agreed to triple the world’s installed renewable energy capacity by 2030. The report features a comprehensive country-level analysis of progress toward this target, along with an assessment of challenges to faster expansion.

Key Findings

• Renewable Energy Consumption: The report details the deployment of renewable energy technologies across various sectors, including electricity, transport, and heat.
• Renewable Fuels: A new chapter focuses on renewable fuels such as bioenergy, biogases, hydrogen, and e-fuels. These fuels are projected to play a significant role in reducing carbon emissions in the industry, buildings, and transportation sectors by 2030.
• Policy Trends: The report highlights policy trends that drive the deployment of renewable energy technologies, including supportive regulations and incentives.
• Market Developments: It examines market developments such as solar photovoltaic (PV) and wind manufacturing, the costs of renewable technologies, electrolyzers for hydrogen production, and the integration of renewables into power grids.

Chapter 1: Global Overview

• Renewable Energy Consumption: The report provides an overview of renewable energy consumption globally, highlighting trends and projections.
• Renewable Electricity: Focuses on the growth and deployment of renewable electricity sources.
• Renewable Transport: Discusses the role of renewable energy in the transportation sector.
• Renewable Heat: Analyzes the use of renewable energy for heating purposes.

Chapter 2: Electricity

• Global Forecast Summary: Summarizes the global forecast for renewable electricity.
• Tracking the Global Tripling Pledge: Details efforts to meet the goal of tripling renewable energy capacity by 2030.
• Regional Forecast Trends: Breaks down regional trends in renewable electricity deployment.
• Policy, Technology, and Market Trends: Explores the factors driving the adoption of renewable electricity technologies.

Chapter 3: Renewable Fuels

• Summary: Provides an overview of renewable fuels.
• Solid Bioenergy: Discusses the role of solid bioenergy in the energy mix.
• Biofuels: Analyzes the development and usage of biofuels.
• Biogases: Examines the potential of biogases in reducing emissions.
• Hydrogen and e-Fuels: Investigates the role of hydrogen and e-fuels in decarbonizing various sectors.

Acknowledgements

The report acknowledges the contributions of various colleagues, organizations, and experts from around the world, including government agencies, technology collaboration programs, and industry partners. Special thanks are given to Kristine Douaud for editing the manuscript and the IEA Communication and Digital Office for their support.