Doha: The International Energy Agency (IEA), Tuesday, lowered its global forecast for renewable energy growth through 2030 by 248 gigawatts compared to its 2024 forecast, citing policy changes in both the United States and China, despite solar power achieving record increases. According to IEA’s figures, global renewable energy capacity is now expected to increase by 4,600 gigawatts by 2030, down from the six-year forecast of 5,500 gigawatts in 2024, with solar energy accounting for about 80 percent of this increase.
According to Qatar News Agency, the main reason for the downward revision is the gradual early phase-out of federal tax incentives in the US, along with other regulatory changes, leading the IEA to reduce its forecast for US market growth by around 50 percent. At the same time, China’s shift from a fixed tariff system to auctions is putting pressure on the economic viability of projects there.
However, growth expectations in other regions are partially offsetting this decline. India is on track to become the second-largest growth market after China, progressing steadily toward its 2030 target. This is supported by the expansion of its auction volumes, faster permitting, and rising deployment of rooftop solar.
On the other hand, offshore wind energy remains a weak point. The IEA cut its growth forecast for this sector by about 25 percent compared to last year, due to policy adjustments, supply chain bottlenecks, and rising costs.