The International Energy Agency’s latest annual report on the global renewables market, ‘Renewables 2026’, which includes analysis and forecasts to 2031, shows that global renewable power capacity, already expanding at a record pace before the current energy crisis, is set to see strong growth across a wider range of countries around the world in the coming years as governments seek to strengthen energy security and reduce exposure to imported fuels and volatile prices.
Renewables 2026 forecasts that global renewable power capacity will increase by around 4800 GW between 2026 and 2031, almost 60% more than was added over the previous six years. Solar PV is set to account for more than three-quarters of this growth to 2031, followed by onshore wind.
Amid unprecedented disruptions to global energy markets since the outbreak of the Iran war, stronger policy support and intensified energy security concerns are now driving faster deployment of renewable power across India, Southeast Asia, Africa and the Middle East. And for the first time in the history of this report, renewable power capacity additions in emerging and developing economies outside China are expected to match those in advanced economies over the forecast period.
The report also highlights the importance of secure and diversified supply chains as renewables take on a larger role in energy systems worldwide, as well as efforts to enhance power system flexibility including increased investment in electricity grids and reforms to speed up the connection of new renewable power projects to electricity networks.
