The International Energy Agency (IEA) has released its 2019 renewable energy market forecast, showing the world’s total renewable-based power capacity will grow by 50% in the next five years.
In terms of wattage, this will be an increase of 1 200 gigawatts, and solar photovoltaic (PV) accounts for 60% of the rise. The share of renewables in global power generation is set to rise from 26% today, to 30% in 2024.
The report says installation of solar PV systems in homes, commercial buildings and industrial facilities is set to take off during this period, transforming the way electricity is generated and consumed.
The IEA report highlights the three main challenges that need to be overcome to speed up the deployment of renewables: policy and regulatory uncertainty, high investment risks, and system integration of wind and solar PV.
Further, the report says the expected growth comes after renewable capacity additions stalled last year for the first time in almost two decades and the renewed expansion remains well below what is needed to meet global sustainable energy targets.
Dr Fatih Birol, IEA’s executive director, says: “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.”
The report notes distributed PV, a technology that converts sunlight (solar radiation) into direct current electricity by using semiconductors, will account for almost half of the growth in the overall solar PV market through 2024.
For SA, this latest forecast is likely to be viewed favourably by the renewable energy sector. It comes just days after the government gazetted the long-awaited new Integrated Resource Plan (IRP) 2019.
The government had been at the receiving end of strong criticism from various quarters, including the renewable energy sector. However, this week the sector expressed some relief with the release of the IRP 2019.
In the latest IRP, the government made an allocation of 6 000MW of new generation capacity to large-scale solar PVs, as well as around 6 000MW allocation to embedded generation, through to 2030.
Wido Schnabel, chairperson of the South African Photovoltaic Industry Association, said: “We further welcome the statement from Cabinet, highlighting that the IRP is a living document, which will be amended over time to reflect the realities of the energy sector. We believe this pragmatic approach, if based on clear principles, will in time result in an even larger future allocation to cheaper and easier-to-deploy renewable energy projects.”
Correspondingly, Ntombifuthi Ntuli, CEO of the South African Wind Energy Association, welcomed the energy mix, saying it’s “a transition to a clean energy future”.
She added the inclusion of renewables is “a promising sign for our country as it faces pressure to reduce its carbon emissions and provide cheaper power”.
Share