As our world is facing a global warming crisis, different renewable energy plan is needed to make the environment eco-friendly. However, there is still a gap, which needs to be fulfilled in order to overcome the renewable energy resources.
Total renewable-based power capacity will rise by 1.2 terawatts 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% of this growth and onshore wind 25%, the IEA’s annual report on global renewables showed.
The share of renewables in power generation is expected to rise to 30% in 2024 from 26% today.
IEA reported that Falling technology costs and more effective government policies have helped to drive the higher forecasts for renewable capacity deployment since last year’s.
According to Reuters, the IEA’s executive director stated that “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,”
Furthermore, he added “As costs continue to fall, we have a growing incentive to ramp up the deployment of solar PV,” he added.
Reuters reported that 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.
