That country will be a leader in renewable energy.

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The growth in global renewable energy capacity is expected to equal the total energy capacity of today's major economies by 2030, and these resources are projected to meet nearly half of the world's electricity demand by 2030.

ENERGY PARADIGMS WILL BE SHATTERED

According to the International Energy Agency's (IEA) annual Renewable Energy 2024 report, thanks to supportive policies and favorable economic conditions, a significant increase in the world's renewable energy capacity is expected by 2030. It is estimated that the global capacity increase during this period will be nearly equal to the current total energy capacity of China, the European Union (EU), India, and the United States. In this context, it is calculated that more than 5,500 gigawatts of new capacity will be added in renewable energy during the 2024-2030 period. This increase corresponds to nearly three times the growth during the 2017-2023 period.

CHINA ALONE COULD LEAD IN NEW ENERGY

With this increase, it is expected that the share of solar and wind energy in global electricity generation will rise to 30% by 2030, while all renewable energy sources are expected to meet nearly half of the world's electricity production. Considering current market trends and government policy regulations, it is estimated that China will account for nearly 60% of all renewable capacity installed worldwide by 2030. Thus, 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 countries with the fastest growth in renewable energy capacity among emerging economies.

RENEWABLE ENERGY IS GROWING UNDER SOLAR LEADERSHIP

By source, it is projected that solar energy will account for 80% of the increase in global renewable energy capacity. The increase in solar energy is expected to be supported by large-capacity projects as well as rooftop plants established by companies and households. On the other hand, despite some ongoing challenges, the growth in wind energy is expected to double during the 2024-2030 period compared to the 2017-2023 period. As a result of this growth trend, approximately 70 countries, which account for 80% of global renewable energy capacity, are ready to meet or exceed their current renewable energy targets for 2030. Nevertheless, the projected growth is not fully aligned with the target set by nearly 200 governments at the United Nations Climate Change Conference (COP28) last year to triple renewable energy capacity by 2030. According to the report, global renewable energy capacity is expected to increase by 2.7 times by 2030. However, if governments act more quickly, it may be possible to fully achieve the goal of tripling capacity.

"RENEWABLE ENERGY OFFERS THE CHEAPEST ENERGY"

IEA President Fatih Birol, in his assessment of the report, stated that renewable energy has grown beyond government targets, saying, "This is due not only to efforts to reduce emissions or increase energy security but increasingly because renewable energy today offers the cheapest option for establishing new power plants in almost all countries worldwide." Birol noted that the growth of renewable energy, especially solar energy, will transform electricity systems globally over the next decade, stating, "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 current energy capacity of China, the EU, India, and the US. By 2030, we expect renewable energy to meet half of global electricity demand."