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RENEWABLES: EU Renewables Expansion to Slow in 2024: IEA

RENEWABLES
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Renewable net capacity additions in Europe are forecast to decline by 7% in 2024, compared with the rate in 2023 due to reduced solar PV incentives in Poland lower auction volumes in Spain, the latest Renewables 2024 report from the IEA showed. 

  • Europe’s cumulative renewable capacity is forecast to rise from 894GW in 2023 to almost 1600 GW by 2030, with the majority of the expansion in Germany, the UK, Italy, Turkey, France, Spain and the Netherlands.
  • The renewables expansion this decade is driven by new solar PV capacity, accounting for almost 70% of the region’s capacity additions during 2024-2030, with 478GW of new solar PV capacity expected to come on line during the period.
  • IEA estimates the EU’s plan for 592GWGW of solar PV capacity by 2030 is within reach, while more effort is needed for the wind sector, with IEA forecast wind capacity to reach around 370GW by 2030 – compared with the bloc’s target of 510GW. 
  • Policy changes concerning auction design, permitting and grid connection in Europe are expected to support project bankability and help the wind sector to recover.
  • IEA’s forecast for the total renewable capacity in Europe is in line with last year’s forecast but there are changes at country-specific and technology-specific levels with an upward revision in solar PV growth in Italy, Sweden and the Netherlands and downward revision in solar PV growth in Poland and Spain. 
     
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Renewable net capacity additions in Europe are forecast to decline by 7% in 2024, compared with the rate in 2023 due to reduced solar PV incentives in Poland lower auction volumes in Spain, the latest Renewables 2024 report from the IEA showed. 

  • Europe’s cumulative renewable capacity is forecast to rise from 894GW in 2023 to almost 1600 GW by 2030, with the majority of the expansion in Germany, the UK, Italy, Turkey, France, Spain and the Netherlands.
  • The renewables expansion this decade is driven by new solar PV capacity, accounting for almost 70% of the region’s capacity additions during 2024-2030, with 478GW of new solar PV capacity expected to come on line during the period.
  • IEA estimates the EU’s plan for 592GWGW of solar PV capacity by 2030 is within reach, while more effort is needed for the wind sector, with IEA forecast wind capacity to reach around 370GW by 2030 – compared with the bloc’s target of 510GW. 
  • Policy changes concerning auction design, permitting and grid connection in Europe are expected to support project bankability and help the wind sector to recover.
  • IEA’s forecast for the total renewable capacity in Europe is in line with last year’s forecast but there are changes at country-specific and technology-specific levels with an upward revision in solar PV growth in Italy, Sweden and the Netherlands and downward revision in solar PV growth in Poland and Spain.