Annual capacity additions for solar PV will more than quadruple by 2030, to 650GW under the IEA’s net zero scenario. Image: Globeleq.
New policies in major energy markets would accelerate the investment in clean energy to US$2 trillion by 2030 in the states policies scenario (STEPS), according to the International Energy Agency (IEA).
In its flagship World Energy Outlook report, the IEA expects a 50% increase in investments thanks to policies such as the Inflation Reduction Act (IRA), which is expected to be a main driver for the US to grow its solar and wind capacity additions two‐and‐a‐half‐times by 2030 over today’s levels.
The STEPS scenario provides a more conservative benchmark, representing a path based on the energy and climate measures governments have put in place to date, as well as policies that are under development.
Within 10 years, if…