Renewable energy will account for 40 percent of electricity output capacity by 2030, almost double today’s market share, according to the International Renewable Energy Agency.
The expansion will be due to lower technology costs, Adnan Amin, Irena’s director general, said in an interview on Bloomberg TV in Dubai. “We anticipate with the lower technology cost, by 2030 we’re going to have renewables capacity in the global power system at around 40 percent, which is quite remarkable
growth.” That compares with 22 percent today, according to Irena.
The real challenge for renewables is capturing crude oil’s market share in heating, cooling and transportation products, Amin said. “As far as the power sector is concerned, oil plays a very little role in power generation worldwide” at about 5 percent, he said.
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