ALBAWABA - The envisioned unparalleled expansion in renewable energy capacity, projected to hit 3,700 gigawatts by 2028, is concentrated in a mere 31 nations, including powerhouses such as China, the United States, India, Brazil, and the European Union (EU).
Despite the remarkable strides in these regions, less developed and emerging countries find themselves trailing in the race toward clean energy transformation due to challenging financial landscapes.
According to insights gathered from the International Energy Agency's (IEA) report , global renewable energy capacity is poised for a substantial increase, reaching 7,300 gigawatts with a boost of 3,700 gigawatts by 2028. Solar energy will play a pivotal role, accounting for a staggering 73% of this surge, with rooftop solar contributing 42% to the solar energy growth.
The combined forces of solar and wind energy are forecasted to drive 95% of the anticipated growth by 2028. As the share of renewable energy sources in global electricity production is predicted to rise from 29% in 2022 to 42% in 2028, the world is on a trajectory toward a more sustainable energy landscape.
Solar Power's Ascendancy: A Focus on Rooftop Solar Installations
Heymi Bahar, the lead author of the report and Senior Analyst at IEA, emphasized the streamlined processes in solar energy licensing and approval, resulting in quicker investment turnaround compared to other sectors. He underscored the distinct investor profile in solar energy, given its appeal to households for panel installations, making it a universally attractive investment.
Bahar highlighted a significant upward adjustment in forecasts for rooftop solar installations, signaling a notable upswing in the sector. However, he acknowledged challenges in the wind energy sector, citing permitting processes, supply chain issues, and financial concerns for companies as potential hurdles to sustainable growth.
Unlike solar energy equipment, the production of wind energy equipment is dispersed globally. Bahar pointed out that inflation-related issues and supply chain problems have led to a 30% increase in turbine prices.
According to the data shared, 56% of the projected 3,700 gigawatts growth in renewable energy by 2028 will be contributed by China, 12% by the EU, 9% by the US, 5% by India, and 3% by Brazil. The remaining 175 countries are expected to witness 15% of the growth.
