India set to lead Global Renewable Energy Movement from the front
India is destined to be the fastest-growing renewable energy (RE) market among major economies through 2030, while China will account for 60% of the global renewable energy capacity expansion by the same year, according to a new report by the International Energy Agency (IEA).
The report, Renewables 2024, highlights China’s dominance in the global renewables landscape, noting that the country will achieve its solar PV and wind energy capacity targets for 2030 six years ahead of schedule. By 2030, China is projected to account for half of the world’s installed renewable energy capacity, driven by policies supporting both large-scale and distributed renewable technologies.
India is expected to see the fastest growth among large economies, thanks to the rapid expansion of auctions, new support schemes for rooftop solar PV, and improved financial health of utility companies. The European Union and the United States are also set to double their pace of renewable capacity growth from 2024 to 2030.
Globally, reewable energy capacity is expected to grow by 2.7 times by 2030, surpassing current national targets by 25%. However, this growth will still fall short of the tripling goal set at the COP28 climate summit. The IEA report projects that 5,500 gigawatts (GW) of new renewable capacity will become operational by 2030, with solar PV and wind accounting for 95% of this growth due to their increasing economic attractiveness.
Despite global supply chain challenges, the wind sector is expected to recover, driven by policy reforms in auction design and permitting processes. Hydropower growth will remain stable, particularly in China, India, the ASEAN region, and Africa. However, other renewable energy sources like bioenergy and geothermal will see limited expansion due to insufficient policy support.
The report also highlights that while hydrogen from renewable sources is gaining momentum, it will contribute only 4% to total hydrogen production by 2030, making it a negligible driver of renewable capacity growth. Nonetheless, countries like China, Europe, India, and the United States are expected to collectively provide 80% of the total installed renewable capacity by 2030, keeping the goal of tripling global renewable capacity within reach.
Finally, the report urges policymakers to enhance ambitions for renewable energy capacity in the next round of Nationally Determined Contributions (NDCs) due in 2025, noting that only 14 countries have explicit renewable targets in their current NDCs.
