The IEA has significantly downgraded its forecast for renewable energy growth in the US through 2030

Overall, global renewable energy capacity will double by that date

The International Energy Agency (IEA) expects global renewable energy capacity to double by 2030, increasing by 4.6 TW, but has downgraded its forecast for deployment in the US.

According to a new IEA report, solar energy will account for almost 80% of global renewable energy capacity growth, followed by wind, hydro, bio, and geothermal energy.

In more than 80% of countries worldwide, renewable energy capacity is expected to grow faster between 2025 and 2030 than in the previous five-year period. However, problems such as power system integration, supply chain vulnerability, and financing will accumulate.

Renewable energy capacity in the US will increase by 250 GW by the end of 2030, which is almost 50% lower than last year’s forecast. According to the IEA, this reflects changes in the country’s policy, including the early termination of federal tax credits, new import restrictions, the suspension of new offshore wind farm leases, and restrictions on the issuance of permits for onshore wind and solar projects on federal lands.

At the same time, China’s transition from fixed tariffs to auctions is affecting project economics and lowering growth expectations. However, the country continues to account for nearly 60% of global renewable energy capacity growth.

In September this year, the US Department of Energy announced its intention to cancel more than $13 billion in support allocated by the Biden administration to subsidize wind and solar energy, batteries, and electric vehicles.