Renewable energy to power 91% of global electricity by 2050, says IRENA

Renewable energy is projected to make up 91% of global electricity by 2050, driven mainly by solar photovoltaics and wind power, according to The Asian Business Review, citing the International Renewable Energy Agency (IRENA).

The agency said this puts large-scale renewable projects and the connection of major energy consumers at the centre of the energy transition.

Despite a record 582 gigawatts (GW) of new renewable power capacity added in 2024, IRENA warned that the world still faces a significant gap in reaching the global target of 11.2 terawatts of renewable capacity by 2030, with infrastructure delays and inefficiencies in power grids remaining as challenges to meet these goals.

According to IRENA, about US$670 billion in investment is needed every year from this year to 2030 to strengthen such facilities.

It also noted that slow domestic permitting processes remain the greatest barrier to building new transmission lines, while supply chain issues add further challenges across both developed and developing economies.

IRENA said these challenges highlight the urgent need for market reforms, workforce upskilling, and de-risking investment, along with efforts to expand global manufacturing capacity. /TISG

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