Global renewable power capacity to rise by 50% in five years

The share of renewables in power generation is expected to rise to 30 percent in 2024 from 26 percent today. (File/AFP)
Updated 21 October 2019

Global renewable power capacity to rise by 50% in five years

  • Solar PV will account for nearly 60 percent of this growth and onshore wind 25 percent
  • Falling technology costs and more effective government policies have helped to drive the higher forecasts for renewable capacity deployment

LONDON: Global renewable energy capacity is set to rise by 50 percent in five years’ time, driven by solar photovoltaic (PV) installations on homes, buildings and industry, according to the International Energy Agency (IEA).
Total renewable-based power capacity will rise by 1.2 terawatts (TW) by 2024 from 2.5 TW last year, equivalent to the total installed current power capacity of the United States.
Solar PV will account for nearly 60 percent of this growth and onshore wind 25 percent, the IEA’s annual report on global renewables showed.
The share of renewables in power generation is expected to rise to 30 percent in 2024 from 26 percent today.
Falling technology costs and more effective government policies have helped to drive the higher forecasts for renewable capacity deployment since last year’s report, the IEA said.
“Renewables are already the world’s second largest source of electricity, but their deployment still needs to accelerate if we are to achieve long-term climate, air quality and energy access goals,” said Fatih Birol, the IEA’s executive director.
“As costs continue to fall, we have a growing incentive to ramp up the deployment of solar PV,” he added.
The cost of generating electricity from distributed solar PV (PV systems on homes, commercial buildings and industry) is already below retail electricity prices in most countries.
Solar PV generation costs are expected to decline a further 15 percent to 35 percent by 2024, making the technology more attractive for adoption, the IEA said.
However, policy and tariff reforms are needed to ensure solar PV growth is sustainable and avoid disruption to electricity markets and higher energy costs, the report said.


Poland to stop importing gas from Russian state provider

Updated 3 min 54 sec ago

Poland to stop importing gas from Russian state provider

  • Poland has been working to reduce their dependence on Russian energy sources
  • The Polish company will terminate the contract as of Dec. 31, 2022
WARSAW: Poland’s state gas company said Friday it has notified Russia’s Gazprom that it will not extend a long-term deal on gas imports when it expires in three years.
The announcement comes as Poland has been working to reduce its dependence on Russian energy sources, which Moscow has sometimes used as a tool of political pressure on its partners.
The efforts to reduce dependency include striking long-term contracts for deliveries of liquefied natural gas from the United States, Qatar and other countries, as well as developing a new pipeline with Norway for deliveries from the North Sea.
The Polish company, PGNiG, said that, in line with the provisions of the deal, it had sent Gazprom, which is controlled by the Russian state, notice that it will terminate the contract as of Dec. 31, 2022. It said Poland will continue to have enough energy after that date.
Poland has repeatedly said that the financial terms of the Gazprom contract were unfavorable and that it was paying a higher price than others in Europe.
Poland uses some 14 billion cubic meters of gas a year. Under the contract with Gazprom it was obliged to import some 10 billion cubic meters of gas from Gazprom per year.