Renewable Energy Capacity Will Grow 50% In The Next Five Years

The International Energy Agency (IEA) published a new report that states that total renewable energy production capacity will grow worldwide by 50% between 2019 and 2024, mainly thanks to the increase in the number of solar panel installations.

The report forecasts that the number of solar panel units installed on roofs of homes will double to 100 million units by 2024, and the main markets for that year will be Australia, Belgium, California, the Netherlands and Austria.

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"Renewable energy is already the second largest source of electricity in the world, but its application still needs to be accelerated if we want to achieve long-term climate, air quality and access to energy objectives," said Fatih Birol, executive director of the IEA.

Meanwhile, the report highlights the three main challenges that must be overcome to accelerate the application of renewable energies: political and regulatory uncertainty, and the high investment and integration risks of wind and solar energy systems. At the same time, the report emphasizes the need for major reforms in policies and tariffs to ensure that the growth of solar energy is sustainable. In addition to solar, the report describes wind energy and biofuels as essential, which already represent a large part of renewable energy.

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