Nu’oman A. A's post

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Nu’oman A. A

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Manufacturing of solar panels, wind turbines, batteries & grids equipment is boosting investment, jobs & supply chain security
While it's very concentrated today, diversification is growing as countries work to reinforce their industrial competitiveness:
Global renewables growth set to outpace current government goals for 2030
Global renewable capacity is expected to grow by 2.7 times by 2030, surpassing countries’ current ambitions by nearly 25%, but it still falls short of tripling. Climate and energy security policies in nearly 140 countries have played a crucial role in making renewables cost-competitive with fossil-fired power plants. This is unlocking new demand from the private sector and households, while industrial policies that encourage local manufacturing of solar panels and wind turbines are fostering domestic markets. However, this is not quite sufficient to reach the goal of tripling renewable energy capacity worldwide established by nearly 200 countries at the COP28 climate summit.
The strong pace of global progress on renewables expansion signals an opportunity for countries to announce enhanced ambitions in the next round of Nationally Determined Contributions (NDCs) due in 2025. Only 14 countries had explicit renewable capacity targets in the NDCs they had designed before COP28. In our main case, nearly 70 countries, which collectively account for 80% of global capacity, reach or surpass their current ambitions for 2030. China drastically dominates among these overachievers, but other major economies, such as Brazil, India and the United States, also contribute
2030 forecast has two main drivers: solar PV and China
China is set to cement its position as the global renewables leader, accounting for 60% of the expansion in global capacity to 2030. The country is forecast to be home to every other megawatt of all renewable energy capacity installed worldwide in 2030, after surpassing its end-of-the-decade 1 200 GW target for solar PV and wind six years early. Since ending feed-in tariffs in 2020, China's cumulative solar PV capacity has almost quadrupled and wind capacity has doubled, driven by cost-competitiveness and supportive policies. China's success stems from comprehensive support for both large-scale and distributed renewables across all renewable technologies.
Tripling of global renewable capacity is within reach, but policy improvements are needed
Our accelerated case sees global renewable capacity reaching almost 11 000 GW in 2030, laying out a pathway for meeting the tripling goal. In this case, China, Europe, India and the United States collectively provide 80% of total installed capacity worldwide. The case sees China addressing grid integration challenges and companies installing distributed solar PV systems at a faster pace, while in Europe and the United States, governments reduce long permitting timelines and stimulate investment in new grid capacity and flexible assets to unlock additional deployment. In India, policies addressing challenges such as land procurement, grid connection wait times and the weak financial health of power distribution companies deliver additional growth.
#Renewable #SDGs #CleanEnergy #ClimateActionNow #climatechange #Climateherocommunity
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