The international community set a goal just two years ago to limit the rise in global temperatures by tripling the output of renewable energy by 2030. However, according to the IEA, the objective will not be met. The Paris-based organization, which provides energy advice to countries, said last year that adding 5,500 GW of renewable energy would get the world closer to that goal. In its most recent report on renewable energy, however, the IEA stated that it now only forecasts a gain of 4,600 GW, or 2.6 times the 2022 figure, because of “policy, regulatory, and market changes since October 2024.”
Due to stricter project regulations and the early phase-out of renewable energy tax incentives by President Donald Trump’s administration, the IEA reduced its projection for the US by over 50%. In the meantime, it claimed that China’s move from set tariffs to auctions for producers of renewable energy has shook up project profitability and reduced growth prospects. It did, however, note that China continues to lead the world in renewable energy growth and that the nation is on course to meet its 2035 wind and solar power target five years ahead of schedule. Energy security The IEA stated that although growth in the US and China may be slowing, the forecast for other countries was more optimistic.
With capacity expected to increase by 2.5 times in five years, India “is on track to meet its 2030 target and become the second-largest growth market for renewables,” the report noted. Additionally, it increased its predictions for North Africa and the Middle East by 25%. The predictions for Germany, Italy, Poland, and Spain were also raised in the European region. According to the IEA, solar panels contributed almost 80% of the growth in renewable energy worldwide over the previous five years, with wind, water, biomass, and geothermal power coming in second and third, respectively. The IEA stated that policy changes in important nations, especially the US, which has attempted to halt projects that are already under construction, have caused the outlook for offshore wind power to be revised lower.
Additionally, the IEA pointed out that renewables were assisting nations in achieving their objectives for increased energy and financial security. It stated that the use of renewable energy has already greatly decreased the demand for fuel imports in many nations, improving energy security and diversity. It further stated that in order to handle the intermittent nature of renewable power, which is predicted to double its present proportion of output to 30% by 2030, nations must make their electrical networks more flexible.
