IEA said share of renewables in the global electricity mix would be nearing 50 percent by 2030 from the current 30 percent.
The International Energy Agency (IEA) has said that the share of renewables in the global electricity mix would be nearing 50 percent by 2030 from the current 30 percent. It also said that electric cars would increase by almost 10 times worldwide by 2030, with the emergence of a new clean energy economy.
The IEA said this in the latest World Energy Outlook (WEO) 2023, published on October 24. The report highlighted that investment in new offshore wind projects would go up by three times, by 2030, than in new coal- and gas-fired power plants.
Renewables are set to contribute 80 percent to new power-generation capacity by 2030 under current policy settings, with solar power alone accounting for more than half of this expansion, according to the IEA report.
The report, however, pointed out that the increase is based only on the current policy settings of governments around the world. The IEA said stronger measures would still be needed to keep alive the goal of limiting global warming to 1.5 °C.
"Governments, companies and investors need to get behind clean energy transitions, rather than hindering them. There are immense benefits on offer, like new industrial opportunities and jobs, greater energy security, cleaner air, universal energy access and a safer climate for everyone. Taking into account the ongoing strains and volatility in traditional energy markets today, claims that oil and gas represent safe or secure choices for the world's energy and climate future look weaker than ever, said IEA Executive Director Fatih Birol.