Copy of Key Insights for Solar PV in Ireland and Europe - IEA (2024), Renewables 2023 Report
Plan Energy
Independent Energy Advisory | Renewable Energy| Utility Wind & Solar| Climate Action Targets & Decarbonisation
?? The year 2023 marked a pivotal moment in renewable energy with global annual renewable capacity additions soaring by nearly 50% to reach approximately 510 gigawatts. This unprecedented growth, led by countries like China, has set the stage for a transformative era in renewable energy.
?Solar Photovoltaic (PV) is at the forefront of this revolution, accounting for three-quarters of the global renewable capacity additions. This trend emphasizes the significant role solar PV will play in shaping our energy future.
?? In Europe, the momentum is equally impressive. The surge in renewable capacity, particularly in solar PV, is reshaping the energy landscape. This presents a golden opportunity for renewable developers looking to invest in solar farms, especially in regions like Ireland.
?? The International Energy Agency (IEA) has set ambitious targets, including tripling global renewable power capacity by 2030. Achieving this will require overcoming policy uncertainties, investment in grid infrastructure, and addressing administrative and social barriers.
For renewable developers, Ireland represents a strategic investment location. The country’s commitment to renewable energy, coupled with the broader European momentum, creates a fertile ground for solar PV development.
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??While G20 countries lead in renewable capacity, the growth in other regions, including emerging economies, is crucial for achieving global renewable goals. This underscores the need for a balanced and inclusive approach to renewable energy development.
??By 2025, renewables are projected to overtake coal as the primary electricity source. This shift highlights the declining reliance on fossil fuels and the rising prominence of renewables in the global energy mix.
The next five years are critical. The accelerated growth in renewable capacity, especially solar PV, will redefine energy economies globally. Developers in Ireland and Europe stand to play a key role in this transformation.
Source: IEA (2024), Renewables 2023, IEA, Paris
Read the full report here: https://www.iea.org/reports/renewables-2023,