Renewables to account for over 33% of global power in 2024 - Rystad

After surpassing 30% in 2023, the share of renewable energy in the global power generation mix will exceed one third this year, according to a report this week by Rystad Energy.

The firm’s current base case forecast indicates that solar, wind, hydropower, bioenergy and other small sources of renewable energy will account for 33.4% of the global power mix in 2024.

Including nuclear energy, the share of non-fossil energy sources is expected to exceed 42.5% in 2024 and to surpass fossil fuel supply by 2028.

However, coal remains "king" and is seen to provide just over one-third of all global electricity supply in 2024.

According to Rystad Energy’s Energy Macro Report, the renewables sector will see over USD 750 billion (EUR 690bn) in capital expenditure (capex) in 2024, with solar photovoltaic (PV) continuing to lead.

Last year over 550 GW AC of renewable energy capacity was installed, of which over 340 GW AC was solar PV. Mainland China played a key role with 217 GW AC of solar installations, the report says.

(USD 1 = EUR 0.920)

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