A recent report by The International Energy Agency (IEA) has revealed we can expect an additional 5,500 gigawatts (GW) of renewable energy capacity globally by 2030. That equates to roughly the total power capacity of China, the European Union, India and the United States combined.  

It’s a clear indication of the world’s increasing shift towards clean energy as countries strive to reduce emissions and embrace greener alternatives. The IEA also estimates we will need to develop 1,500 GW of storage capacity by 2030 to address the challenges that come with renewable energy generation. 

China is expected to lead the way, accounting for nearly 60 per cent of all new renewable capacity installed over the next six years. In Australia, renewables make up 39.4 per cent of the total electricity supply, with an impressive addition of 5.9 GW of new renewable generation capacity in 2023. The UK is also making strides of its own with the launch of GB Energy, a state-owned firm focused on boosting offshore wind power. 

While the forecast is encouraging, it’s worth noting that it still falls short of the United Nations’ goal to triple global renewable capacity by the end of the decade.  

“Renewables are moving faster than national governments can set targets for,” IEA Executive Director, Fatih Birol, said in the report. 

“This is mainly driven not just by efforts to lower emissions or boost energy security – it’s increasingly because renewables today offer the cheapest option to add new power plants in almost all countries around the world.”  

To meet these ambitious targets, countries will need to enhance their infrastructure for integrating green energy into existing power grids, including building or upgrading around 25 million kilometres of pylons, cables and other connections. Currently, around 10 per cent of renewable electricity generation goes unused due to grid limitations, making these upgrades essential for improving energy access. 

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