IEA Sees 4,800 GW of New Renewables by 2031
The Strait of Hormuz crisis and the spike in fuel prices are pushing faster renewable energy deployment across the world, the International Energy Agency (IEA) said in a new report on Friday. For the first time, emerging markets outside China are set to match the clean energy capacity additions in advanced economies through 2031, the agency said in its Renewables 2026 report with analysis and…
The International Energy Agency (IEA) has reported a projected 4,800 gigawatts (GW) of new renewable energy capacity by 2031, following the Strait of Hormuz crisis and a spike in fuel prices. This surge in renewable energy deployment is attributed to energy security becoming a top priority for many countries. The global renewable capacity is expected to grow by 57% compared to the previous six years, with emerging and developing economies outside China set to match the clean energy capacity additions in advanced economies for the first time.
Onshore wind capacity is projected to increase by over 70%, reaching 2,040 GW by 2031. China's share of global renewable capacity growth is expected to decrease from over 60% in 2025 to 53% by 2031, as India, Southeast Asia, Africa, and the Middle East significantly contribute to the growth due to strong policy support and market development.
IEA Executive Director Fatih Birol emphasized that energy security is now the main driver behind the expansion of renewable energy, replacing environmental concerns.
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