According to the International Energy Agency, the number of electric automobiles will almost double by 2030

According to the existing legislative framework, which includes approximately ten times as many electric vehicles on the road globally, the energy landscape is expected to substantially shift by 2030.

In 2030, the amount of renewable energy in the world’s power mix will increase from 30% to 50%, according to the IEA’s latest “World Energy Outlook 2023” report.

“The switch to renewable energy is taking place all across the globe and it cannot be stopped. The sooner the better for all of us, said IEA Executive Director Fatih Birol. “It’s not an issue of ‘if’, it’s simply a matter of ‘how soon’.

By 2030, new coal- and gas-fired power facilities will cost three times as much to build as new offshore wind projects, according to the analysis.

According to the analysis, solar power alone will account for more than half of this development by 2030, with renewables expected to make up 80% of new power-generation capacity.

“The development of renewable energy would proceed much more quickly if nations fulfilled their national commitments for energy and climate on schedule and in full. The IEA analysis noted that even more drastic steps would still be required to maintain the target of keeping global warming to 1.5 degrees Celsius.

With peaks in the global demand for coal, oil, and natural gas all apparent this decade, the combination of rising momentum behind renewable energy technologies and fundamental economic developments throughout the globe has enormous consequences for fossil fuels.

The paper said that under this scenario, the percentage of fossil fuels in the world’s energy supply, which has remained stagnant for decades at around 80%, drops to 73% by 2030 and reaches its peak in terms of carbon dioxide (CO2) emissions by 2025.

International collaboration is essential for speeding the transition to clean energy, according to Dr. Birol. “Every country needs to find its own pathway, but it is crucial for accelerating clean energy transitions,” he said.

“In particular, the rate of emissions reduction will largely depend on our capacity to fund sustainable solutions to fulfill the increasing energy demand from the world’s rapidly expanding economies. All of this emphasizes how crucial it is to increase teamwork and cooperation rather than to do otherwise.

The analysis also looked at the possibility of solar PV seeing faster development in this decade.