Renewable energy supply is set to double collectively in eight major economies by 2030, 18 percent higher than previously projected growth rates, spurred on by new national climate and energy plans, according to new analysis by World Resources Institute (WRI).
WRI’s analysis, Assessing the Post-2020 Clean Energy Landscape, looks at plans from eight of the 10 largest greenhouse gas emitters—Brazil, China, European Union, India, Indonesia, Japan, Mexico and the United States—and finds that their cumulative clean energy supply will jump from approximately 9,000 TWh in 2012 to 20,000 TWh in 2030. This increase is equivalent to all of India’s current energy demand, WRI says.
“These new renewable energy targets send strong signals to energy markets and investment circles,” said Jennifer Morgan, Global Director, Climate Program, World Resources Institute.
“Combined with the Paris climate agreement, it’s clear that renewable energy is poised to surge forward in the next 15 years bringing clean and affordable power to millions of people worldwide.”
Looking at Asia’s top greenhouse gas emitters, China is expected to increase the share of non-fossil fuel in primary energy consumption to around 20 percent, while India plans to reach 40 percent cumulative electric power installed capacity from non-fossil fuel energy resources by 2030. Indonesia is projected to achieve at least 23 percent of its energy supply coming from new and renewable energy by 2025, and Japan will increase its share of renewables in total electricity generation to approximately 22 to 24 percent by 2030.
In the Americas, WRI projects that Brazil will achieve 45 percent of renewables in their energy mix by 2030, and Mexico intends to increase clean energy sources in the national electricity generation mix to 35 percent by 2024. United States will increase the U.S. share of renewables – beyond hydropower – in the electricity generation mix to 20 percent by 2030.
The European Union is expected to achieve at least a 27 percent share of renewable energy consumption by 2030.
The remaining two emitters among the top ten, Canada and Russia, have not put forward post-2020 renewable energy targets and were not assessed, WRI said.
WRI also analyzed countries’ intended nationally determined contributions (INDCs) submitted to the United Nations and found that countries of all sizes intend to transform their energy mix and increase investments in clean energy. Out of the 127 INDCs submitted by October 26, 2015, 80 percent of them referenced clean energy; 67 INDCs mention clean energy targets, and 35 INDCs put forward clean energy actions.