IEA: renewables to provide 50% of electricity by 2030

The International Energy Association (IEA) has predicted that renewable energy projects will supply half of the world’s electricity output by 2030, the global energy watchdog announced in its latest annual report on Tuesday.

IEA’s World Energy Outlook 2023 says renewable energy will cover 50% of global energy production by 2030 compared to currently accounting for 30% of the worldwide energy mix.

The organization also predicts that global demand for fossil fuels will peak in 2030 due to the heightened use of electric cars and a shift in China towards utilising green energy sources.

The report predicts there will be 10 times as many electric vehicles on the road around the world by 2030.

While coal is seen to decline sharply after 2030, both oil and gas usage will remain close to peak levels for 20 years.

“The transition to clean energy is happening worldwide and it’s unstoppable. It’s not a question of if, it’s just a matter of how soon – and the sooner the better for all of us,” said Fatih Birol, executive director of the IEA.

The report also warned that current efforts to cut greenhouse gas emissions to bring prevent temperatures from rising above 1.5 degrees Celsius were not enough.

The agency represents countries that take up more than 80% of global energy consumption.