Accelerating Green Energy: Massive Growth in Solar, Wind, and Storage by 2033

Global wind and solar power capacity is expected to overshoot 8 terawatts by 2033 from 2.5 TWac in 2022, underscoring an enduring commitment to shifting energy systems into greener pastures, despite bouts from inflation, grid constraints, and permitting problems. According to Wood Mackenzie, that underpins the global drive towards electricating economies and hitting decarbonization targets. Solar Energy Set for Fourfold Increase The prospects for the solar sector look promising. The cumulative installed capacity of global solar PV will almost quadruple from 2024 to 2033. An estimated 4.7 TWdc will be installed during that period, states Wood Mackenzie—half of it from China alone. "Solar PV leads the deployment race, and accounts for 59% of global capacity due to come online between 2024 and 2033," said Luke Lewandowski, vice president, of global renewables research at Wood Mackenzie. This spectacular rise increased last year in both Europe and China, but, now with ultra-low module prices, its growth will just keep on going. Challenges such as grid constraints and pricing volatility remain. Wind Energy to Add Over 1.7TW Globally On the other hand, more than 1.7 TW of additional wind energy capacity is forecast to be added globally in the same time frame. According to Wood Mackenzie, its senior research analyst Lucas Stavole says this expected growth is predominantly driven by China's policy initiatives. "China's central government announced a plan in May to promote the energy transition and ensure the country meets carbon-neutral targets," noted Lucas Stavole, a senior research analyst at Wood Mackenzie. These projects collectively add critically needed wind energy capacity to global goals on renewable energy. A sector that has been under pressure from issues related to permitting to disruptions in supply, presently is being driven by policy support and technology gains. Energy Storage Capacity to Surge Sixfold Excluding pumped hydro, energy storage capacity is likely to increase by over 600% while nearly 1 TW of new capacity is brought into operation by 2033. Energy storage represents one of the fastest-growing areas in the power industry and growth will Townsend for rising renewable energy sources. "Global energy storage deployment in 2023 achieved record-breaking growth of 162% compared to 2022," said Anna Darmani, principal analyst, of energy storage, at Wood Mackenzie. Critical to energy storage systems are supply-demand balancing, grid stability, and excess storage from variable sources. Increased capacity in energy storage will thus sustain a more resiliently green energy system. Sustainable Energy: A Global Commitment. What this upsurge of renewable energy installations does is reflect the solid commitment by so many countries around the globe to more sustainable energy systems. As such, it tends to grow and reveal an interest that governments, businesses, and customers alike are showing in renewable energy as a way to fight climate change while at the same time freeing society from dependence on fossil fuels. Challenges and Opportunities These goals are not exempt from challenges, and the growth projections stay optimistic if these issues are dealt with. Inflation, grid constraints, and permitting all can frustrate the rapid deployment of renewable energy projects. Therefore, policymakers and industry stakeholders have to work together to smooth out a faster permitting process, make the right kind of investment in grid infrastructure, and create the best market conditions that will foster fast growth for renewable energy. Moreover, the intrinsic technological progress of solar, wind, and energy storage technologies themselves will become an important driver of reduced cost and efficiency gains in the future. To conquer technical barriers and to enhance performance as well as reliability, further research and development are needed for renewable energy technologies. Conclusion This is a decade of transformation for the global renewable energy outlook, with solar and wind capacity expected to reach as high as 8 TW by 2033, and energy storage capacity increasing by 600%. These volcanoes underline strong international commitments to decarbonization targets and an urgently needed transition to sustainable energy systems. How such ambitious goals are realized, and a safe and sustainable energy future is ensured for all, depends on how current challenges in how to deal with inflation, grid constraints, and permitting are overcome.