Outlook: Solar, wind power to hike renewable energy capacity by 2024
- Oct 22, 2019 5:02 am GMT
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Accra, Oct. 21, (UPI/GNA) - The world'srenewable energy capacity will increase by 50 percent within the next fiveyears, as prices drop and government policy shifts, the International EnergyAgency said Monday.
The International Energy Agency projected inits report global renewable energy capacity could reach 3,700 gigawatts by 2024-- with solar and wind power accounting for nearly 90 percent of theanticipated increase.
Rooftop solar, installed on businesses,homes and commercial industries, will make up nearly half the sun-poweredincrease. The rest would be utility-scale solar farms. The number of solarrooftop systems on homes is expected to double to 100 million by 2024.
Overall, the report said, renewable energy'sshare of the power mix is expected to increase from 26 percent to 30 percent --due partly to rapid expansion in the European Union, strong growth in India andan "installation boom in Vietnam.
"Renewables are already the world'ssecond largest source of electricity, but their deployment still needs toaccelerate if we are to achieve long-term climate, air quality and energyaccess goals," IEA Executive Director Faith Birol said.
"As costs continue to fall, we have agrowing incentive to ramp up the deployment of solar [photovoltaic]."