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Renewable power capacity is predicted to increase by 50% between 2019 and 2024, the International Energy Agency (IEA) said Monday.
According to the "Renewables 2019" market report, the increase will amount to 1,200 gigawatts (GW) and be driven by price declines and what the IEA described as "concerted government policy efforts." In 2018, renewable capacity hit just over 2500 GW. If the IEA forecast plays out, it would bring total renewable capacity to about 3,700 GW by 2024.
Capacity refers to the maximum amount of installations can produce, not what they currently produce.
Solar photovoltaics (PV) are due to account for almost 60% of the expected increase, and onshore wind power accounted for 25% and offshore wind responsible for 4%. Photovoltaic refers to a way to directly convert light from the sun to electricity.
The IEA said that distributed photovoltaic installations installed on commercial buildings, homes and industry ̵[ads1]1; will account for almost half the increase in the solar PV market.
Overall, the share of renewable energy in worldwide power generation is growing from 26% now to 30% in 2024.
"Renewable energy is already the world's second largest power source, but their distribution must still accelerate if we are to achieve long-term goals for climate, air quality and energy access, "said Fatih Birol, IEA chief executive, in a statement released Monday.
The IEA noted that the challenges remained in the form of "uncertainty over politics and authority, high investment risks and system integration of wind and solar cells."
Growth this year is driven by solar PV, which has benefited from "rapid expansion in the EU", a stronger Indian market and an "installation boom" in Vietnam. Growth in the onshore sector is also cited as a contributing factor.
In July, a research note from analysts at UBS said that 2018 saw global energy demand increase most rapidly since 2010.
The note said that although there was an "increasing desire" to transition from fossil fuels, "the demand for Most energy resources, including fossil fuels, will continue to increase.
It added that while renewable fuel supplies should increase rapidly, diversification from non-renewable resources would be costly and time consuming.