Renewable energy's prominence in the global power generation mix is expected to reach new heights in 2024, surpassing one third, according to a report released this week by Rystad Energy.
The firm's latest forecast projects that solar, wind, hydropower, bioenergy, and other smaller renewable sources will collectively contribute 33.4% to the global power mix this year, following a significant milestone of over 30% achieved in 2023.
With the inclusion of nuclear energy, the share of non-fossil fuel sources is poised to exceed 42.5% in 2024, a trend expected to outpace fossil fuel supply by 2028.
Despite this shift, coal retains its dominance, supplying just over one-third of the world's electricity in 2024, as outlined in Rystad Energy's Energy Macro Report.
The renewables sector is anticipated to witness substantial capital expenditure (capex) exceeding USD 750 billion (EUR 690bn) in 2024, with solar photovoltaic (PV) installations continuing to lead the charge.
According to the report, the previous year witnessed the installation of over 550 GW AC of renewable energy capacity, with solar PV accounting for over 340 GW AC. Mainland China emerged as a significant contributor, installing 217 GW AC of solar capacity.
