Renewables To Command 50% Of Global Power Mix By 2030: World Economic Outlook Report

A new World Economic Outlook (WEO) report predicts that the world would reach its global energy-related CO2 emissions peak by 2025.

Given the phenomenal rise in green technologies, It predicts that the share of renewables in the global electricity mix could increase from 30% to about 50% by 2030. The share of fossil fuels in global energy supply should decline to 73% (from the current 80%) by then.

The increasing use of clean energy technologies powered by wind, solar, and clean electricity is now reshaping our power consumption mix. From vehicles to home appliances to heating systems, the use of clean energy technologies powered by renewable sources is rising by the day.

To this end, the WEO projects 2030 as a year in which clean technologies will play a significantly greater role than today.

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The report predicts:

• ~10 times as many electric cars on the road worldwide
• 3 times the investments going into new offshore wind projects (as opposed to fossil fuel powered plants)
• solar PV generating more electricity than the entire U.S. power system currently produces
• heat pumps and other electric heating systems replacing fossil fuel boilers

Current policies support this global shift to clean energy, the report indicates. Renewables could contribute 80% of new power generation capacity by 2030, backed with strong growth potential observed in solar PV.

However, to achieve the goal of keeping global warming at 1.5 °C, stronger policy measures would be needed.

In its report, the WEO-2023 proposed 5 key pillars that could help achieve these 2030 goals. These include:

• tripling global renewable capacity
• doubling the rate of energy efficiency improvements
• slashing methane emissions from fossil fuel operations by 75%
• innovative, large-scale financing mechanisms to triple clean energy investments in emerging and developing economies
• measures to ensure an orderly decline in the use of fossil fuels, including an end to new approvals of unabated coal-fired power plants.

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