According to the International Energy Agency’s Renewables 2024 report, renewable capacity is expected to more than double by 2030, growing 2.7 times above current levels. This surge will exceed existing government targets by nearly 25%, highlighting solar PV’s critical role in a rapidly changing global energy landscape.
Solar PV is now the world’s most cost-effective energy solution. In nearly every country, building new solar capacity is cheaper than constructing fossil-fuel-based power plants. This economic edge is driving unprecedented adoption, both at utility and household levels.
By 2030, solar will account for 80% of the global increase in renewable power capacity, thanks to declining technology costs, shorter permitting processes, and widespread social and political support.
The report outlines a dual trajectory: one of opportunity and one of caution. While solar and wind are expected to account for 95% of new renewable additions through the end of this decade, achieving the global goal to triple renewables - set at COP28 - remains just out of reach under current policies. Yet, the IEA’s accelerated scenario demonstrates that with targeted improvements in permitting, grid infrastructure, and financing, tripling capacity is still within reach.
China continues to lead the global charge, projected to contribute 60% of new capacity by 2030. However, the European Union is also on a strong path, with corporate power purchase agreements and competitive auctions pushing the bloc close to its 600 GW solar ambition. That said, more aggressive support is needed for wind development across member states.
For European energy professionals, the key message is clear: solar PV is no longer an emerging technology - it is a strategic imperative. Companies investing in distributed solar, flexible grid assets, and local manufacturing are well-positioned to capitalize on this global shift.
But scaling up also demands robust policy environments, clear targets, and streamlined regulatory frameworks to unlock the untapped potential, especially in emerging markets. The tools and technology exist. What’s needed now is bold, timely action to ensure that renewables can meet - and exceed - the world’s climate and energy security ambitions by 2030.