Summary
The International Energy Agency (IEA) has lowered its 2030 forecast for renewable energy growth due to slower progress in the United States and China. The expected total renewable power capacity is now 4,600 gigawatts, down from 5,500 gigawatts predicted earlier. The changes are partly because of policy shifts in both countries, but other regions like India and the Middle East show more optimistic growth.
Key Facts
- The IEA reduced its 2030 renewable power forecast from 5,500 GW to 4,600 GW.
- Policy changes in the U.S. and China have contributed to the lower forecast.
- U.S. federal tax incentives for renewables are being phased out early, impacting growth.
- China is moving to competitive auctions for renewable energy, affecting profits.
- India is expected to meet its 2030 goals, becoming the second-largest market for renewables.
- Foreseen renewable capacity in the Middle East and North Africa increased by 25%.
- Solar energy accounted for about 80% of global renewable growth in recent years.
- Offshore wind power projections are lowered due to policy change, especially in the US.
