The future of renewable energy is set to redefine the global power landscape, reducing dependence on fossil fuels and curbing greenhouse gas emissions. According to the International Energy Agency (IEA), renewable energy currently constitutes 26% of the world’s electricity, and this share is expected to reach 30% by 2024. This growth is fueled by technological advancements, cost reductions, and increased policy support, making the future of clean energy more viable than ever.
Solar energy is at the forefront of the future of renewable energy, with projections showing an increase of 600 gigawatts (GW) in global solar capacity by 2024. This is almost double Japan’s total installed electricity capacity. The IEA predicts that solar energy will account for 60% of the total renewable energy growth during this period, primarily due to declining costs. By 2024, the cost of solar power is expected to fall by 15% to 35%, making it an even more attractive alternative to conventional energy sources.
Wind energy is another crucial component in the future of renewable energy. Onshore wind capacity is projected to increase by 57%, reaching 850 GW by 2024. Offshore wind capacity is expected to nearly triple, hitting 65 GW within the same period. Countries such as the United States and China are leading this expansion due to favorable policies and competitive auctions. Additionally, Japan is making strides in offshore wind energy, positioning itself as a key player in the global renewable energy market.
While newer technologies are driving much of the growth, hydropower remains a significant player in the future of renewable energy. By 2024, hydroelectric capacity is set to rise by 9%, adding 121 GW to global energy production. Large-scale projects in China, India, and Brazil are expected to account for a significant portion of this expansion. Despite challenges such as rising investment costs and environmental concerns, hydroelectricity will continue to be the largest renewable energy source in the world.
Geothermal energy might be the sustainable energy future, with an anticipated 28% increase in capacity by 2024. Asia, led by Indonesia and the Philippines, will contribute significantly to this growth. Additionally, Kenya is expected to surpass Iceland in geothermal energy production during this period. The U.S. geothermal market is forecast to exceed $2 billion by 2024, driven by rising demand for efficient heating solutions and updated building codes.
The future of renewable energy is bright, with exponential growth in solar, wind, hydro, and geothermal power. As costs continue to decline and policies become more favorable, the shift toward clean energy will accelerate, making sustainability a reality. The next decade will be crucial in solidifying renewables as the dominant force in global energy production, reducing our reliance on fossil fuels and mitigating climate change.
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