Renewables could meet almost half of global electricity demand by 2030 – IEA
With solar leading the way, renewables could meet almost half of global electricity demand by the end of this decade, says a new IEA report.
The International Energy Agency (IEA) just released its “Renewables 2024” report, which projects that by the end of this decade, global renewable energy capacity is set to grow by more than 5,500 gigawatts (GW).
To put that in perspective, that’s about as much power capacity as the current combined total of China, the EU, India, and the US.
From 2024 to 2030, new renewable installations are expected to be nearly three times higher than what we saw between 2017 and 2023. China is leading the way and will be responsible for almost 60% of all new renewables added in that time frame, meaning it will account for nearly half of the world’s renewable power capacity by 2030. Meanwhile, India is seeing the fastest growth among major economies.
Solar is the biggest driver of this surge, with solar PV expected to make up 80% of the new renewable capacity. This is thanks to the ongoing construction of large solar power plants and more rooftop solar being installed by homeowners and businesses. Wind is also set for a strong rebound, doubling its growth rate between now and 2030 compared to the previous seven years. Right now, wind and solar are already the cheapest ways to generate new electricity in almost every country.
This rapid growth means nearly 70 countries – representing 80% of global renewable power capacity – are on track to meet or even exceed their current renewable energy goals for 2030. While the world is set to add an impressive amount of renewable capacity by 2030, it may still fall slightly short of the goal set at COP28 to triple capacity by then. But the IEA says that meeting this goal is doable if governments make bold commitments, enhance international cooperation, and address high financing costs, especially in high-potential regions like Africa and Southeast Asia.
IEA Executive Director Fatih Birol highlighted that renewables are expanding faster than many governments can even set new targets. He emphasized that it’s not just about emissions reductions or energy security – it’s because renewables are simply the cheapest option for new power generation in most countries. “By 2030, we expect renewables to be meeting half of global electricity demand,” Birol said.
The IEA report warns, however, that governments will need to step up efforts to integrate solar and wind into power grids. Some countries are seeing renewable power generation curtailed – or not even used – at rates of up to 10%. To fix this, countries will need to boost power system flexibility, streamline permitting processes, and build or modernize electric grids and reach 1,500 GW of storage capacity by 2030.
The report also looks at renewable manufacturing, especially for solar. Global solar manufacturing capacity is expected to exceed 1,100 GW by the end of 2024, far outpacing demand. This oversupply, mainly coming from China, has driven down solar module prices but also put financial pressure on manufacturers. Meanwhile, solar manufacturing capacity is expected to triple in both India and the US by 2030, helping to diversify the global supply chain – though costs remain significantly higher outside of China.
The big takeaway? Renewables are expanding faster than many anticipated, thanks to supportive policies and improving economics. But to fully harness the potential of solar, wind, and other renewable energy technologies, governments will need to work together to overcome the financial and infrastructure challenges that still stand in the way.
Dave Jones, independent energy think tank Ember‘s director of global insights, said: “Policymakers are embracing solar and wind like never before, but they are still two steps behind the reality on the ground. The market can deliver on renewables, and now governments need to prioritize investing in storage, grids, and other forms of clean flexibility to enable this transformation. The next half decade is going to be one heck of a ride.”
Read more: Prices fall for residential solar, demand is up for battery storage – EnergySage
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British Columbia got its first 400 kW DC fast charger last week at Canadian C-store chain On The Run, but that’s not the good part. As part of a limited time offer, these chargers are FREE!
The Canadian convenience store chain just took the wraps off its new, ABB-developed, 400 kW chargers earlier this month, but they’re already planning to bring the ultra-fast 400 kW dispensers to at least four more locations in BC this spring, and have them online just in time for the summer road trip season – something On The Run hopes its customers will appreciate.
“The A400 charger delivers an enhanced customer experience, with reliability and performance from a 32-inch screen to higher power charging sessions and power sharing,” reads the company’s official announcement, via LinkedIn. “Download the Journie Rewards app to start the charge – free for a limited time.”
On The Run’s new 400 kW ABB DC fast chargers are compatible with CCS and CHAdeMO plugs, and can accommodate Tesla and other NACS-equipped vehicles with an adapter. That said, the company seems to imply that Tesla drivers in particular will have a maximum charging speed of “just” 50 kW, which feel hilarious (given the current state of affairs between Tesla and the Canadian government), but probably isn’t.
In addition to the ABB A400 400 kW units shown here, On The Run locations also employ the ABB Terra 184 dispensers rated at 180 kW. On The Run plans similar deployments at the four BC locations mentioned above, as well as two more each in Quebec and Ontario slated to go live towards the end of this year.
Electrek’s Take
Tesla’s controversial CEO Elon Musk once mocked 350 kW charging speed as being “for a child’s toy,” despite the fact that, nearly nine years later, his own cars and Superchargers can barely make it to 325 kW while others have sailed right on past. I made fun of that fact on the Quick Charge episode shown, above – and, while I do think it’s funny and relevant, the much more relevant piece of news here is that companies like BP Pulse, Revel, and Wallbox are actively deploying 400 kW solutions, today (while others hit the same mark as far back as 2017).
It’s just a fact: Tesla has fallen way behind.
SOURCE | IMAGES: On The Run, via Electric Autonomy.
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Terawatt Infrastructure‘s first medium- and heavy-duty electric charging truck stop in California is now online, in Rancho Dominguez.
Located 12 miles north of the ports of Long Beach and Los Angeles, the private Rancho Dominguez site, which is shared among multiple fleets, will support electric trucking fleet operations in and out of the largest container ports in the US.
First customers include Dreaded Trucking, Hight Logistics, PepsiCo, Quick Container Drayage, Southern Counties Express, Tradelink Transport, and WestCoast Trucking & Warehousing.
Terawatt’s electric charging truck stop features 20 pull-through and bobtail DC fast charging stalls with a capacity of 7 megawatts (MW), enabling charging for up to 125 trucks per day using a simple reservations system. Terawatt’s site features a proprietary charge management system, in-house technicians, 24/7 customer service, and onsite parts management.
“This launch underscores growing collaboration between enterprises, shippers, carriers, and charging infrastructure providers to advance sustainable technologies across logistics and transportation operations, especially in the medium and heavy-duty sectors,” said Neha Palmer, CEO and cofounder of Terawatt. Palmer added that the company will bring another charging site online in Rialto, California, in June.
Terawatt joined some of the world’s largest shippers and carriers in September 2024 to launch the I-10 Consortium heavy-duty EV operations pilot, the “first-ever US over-the-road electrified corridor.” Terawatt is providing charging infrastructure, including software, operations, and maintenance support at six of its owned charging hubs along the I-10 corridor.
If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.
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In its most aggressive attack against offshore wind yet, the Trump administration halted the $5 billion Empire Wind 1, already under construction off New York’s coast.
Norwegian developer Equinor announced yesterday that it received notice from the Bureau of Ocean Energy Management (BOEM) ordering Empire Wind 1 to halt all activities on the outer continental shelf until BOEM has completed its review. Interior Secretary Doug Burgum posted this tweet yesterday:
Burgum gave no indication of what insufficiencies there were in the approval process for the fully permitted offshore wind project, despite Trump’s recent declaration of a national energy emergency that speeds up permitting processes.
The commercial lease for the 810-megawatt (MW) Empire Wind 1’s federal offshore wind area was signed in March 2017 during the first Trump administration. It was approved by the Biden administration in November 2023 and began construction in 2024.
The project is being developed under contract with the New York State Energy Research and Development Authority (NYSERDA). Empire Wind 1, which was due to come online in 2027, has the potential to power 500,000 New York homes.
“Halting construction of fully permitted energy projects is the literal opposite of an energy abundance agenda,” said American Clean Power Association CEO Jason Grumet in a statement. “We encourage the administration to quickly address perceived inadequacies in the prior permit approvals so that this project can complete construction and bring much-needed power to the grid.”
As Electrek reported, Equinor secured $3 billion to finance Empire Wind 1 in January. The total amount drawn under the project finance term loan facility as of March 31 was around $1.5 billion.
As of March 31, Empire Wind has a gross book value of around $2.5 billion, including South Brooklyn Marine Terminal (pictured above), which was expected to become the US’s largest dedicated port facility for offshore wind.
In response to BOEM’s stop work order, New York Governor Kathy Hochul issued the following statement:
Every single day, I’m working to make energy more affordable, reliable and abundant in New York and the federal government should be supporting those efforts rather than undermining them. Empire Wind 1 is already employing hundreds of New Yorkers, including 1,000 good-paying union jobs as part of a growing sector that has already spurred significant economic development and private investment throughout the state and beyond.
As Governor, I will not allow this federal overreach to stand. I will fight this every step of the way to protect union jobs, affordable energy and New York’s economic future.
Equinor says it’s considering appealing BOEM’s order.
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
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