The growth in global renewable energy capacity is projected to equal the total energy capacity of today’s major economies by 2030, with these sources expected to meet almost half of the world’s electricity demand by that time. According to the International Energy Agency’s (IEA) Renewable Energy 2024 report released annually, due to supportive policies and favorable economic conditions, the world’s renewable energy capacity is expected to show significant growth by 2030. It is estimated that by 2030, the global capacity increase during this period will almost match the existing total energy capacity of China, the European Union (EU), India, and the United States. In this context, it is calculated that new capacity exceeding 5,500 gigawatts in renewable energy will be added between 2024-2030. This increase represents almost three times the growth seen between 2017-2023. With this increase, it is expected that only solar and wind energy will account for 30% of global electricity production by 2030, while all renewable energy sources will cover nearly half of the world’s electricity production. Taking into account current market trends and governments’ current policy regulations, it is estimated that China will account for nearly 60% of all renewable capacity installed worldwide by 2030. Consequently, China could host nearly half of the world’s total renewable energy capacity by 2030. India, on the other hand, stands out as one of the fastest-growing countries in renewable energy capacity among emerging economies. RENEWABLE ENERGY GROWING LED BY SOLAR Source-wise, it is forecasted that solar energy will account for 80% of the growth in global renewable energy capacity. The increase in solar energy is expected to be supported by large-scale projects as well as rooftop systems installed by companies and households. On the other hand, despite some persisting challenges, it is predicted that the growth in wind energy will double between 2024-2030 compared to 2017-2023. As a result of this growth trend, approximately 70 countries, which make up 80% of global renewable energy capacity, are already prepared to meet or exceed their current renewable energy targets for 2030. However, the projected growth is not entirely in line with the goal set by approximately 200 governments at the United Nations Climate Change Framework Convention’s 28th Conference of the Parties (COP28) last year, which aimed to triple renewable energy capacity by 2030. According to the report, it is expected that global renewable energy capacity will increase by 2.7 times by 2030. Yet, if governments act faster, it may be possible to reach the goal of tripling capacity by 2030. “RENEWABLE ENERGY OFFERS THE CHEAPEST ENERGY” In his assessment of the report, IEA Executive Director Fatih Birol noted that renewable energy is growing beyond the goals of governments. He stated, “This is because renewable energy is increasingly the cheapest option for new energy plant installations in almost all countries worldwide, not only due to efforts to reduce emissions or increase energy security.” Birol highlighted that the growth of renewable energy, especially solar energy, will transform electricity systems worldwide in this decade. He indicated, “By 2030, the world is already on track to add more than 5,500 gigawatts of renewable energy capacity. This is nearly equal to the existing energy capacity of China, the EU, India, and the US. By 2030, we expect renewable energy to cover half of global electricity demand.”