The share of RES in global electricity generation will exceed one third by 2024

The share of renewable energy in global electricity generation will exceed one third by 2024, according to a July report from the International Energy Agency (IEA). Depending on weather conditions, 2024 could be the first year that more electricity is generated from renewable sources than from coal.

The accelerated pace of commissioning of new capacities based on renewable energy sources shows that renewable energy generation can surpass coal generation by 2024, under favorable weather conditions. The IEA also forecasts that coal-fired power generation will decline slightly in 2023-2024 after rising by 1.5% in 2022, when high gas prices increased demand for alternative energy sources. An increase in coal-fired generation in Asia in 2023-2024 may be offset by its significant drop in the US and Europe.

Overall, renewable energy generation grew by 7.8% in 2022, the highest growth rate in 30 years, the IEA notes. The agency expects growth of just under 7% in 2023 and 11% in 2024, driven by the expansion of wind and solar capacity and the expected recovery of hydro generation in several regions after a drought and low water season.