New figures from the International Energy Agency (IEA) show that the total renewable energy capacity worldwide will increase by 50 percent over the next five years. Solar panels account for the majority of this. Belgium is a market leader in this.
100 million solar panel installations of homes
In five years' time, 30 percent of the energy mix worldwide will consist of renewable energy. IEA predicts that 1,200 megawatts of renewable energy capacity will be added in the 2019-2024 period. That is the equivalent of the total energy capacity of the United States. This growth will partly come from the installation of solar panels on commercial and industrial sites. These companies immediately consume the solar energy they generate during the day with their solar panels. The market for solar panels on homes will also continue to grow. It is expected that there will be 100 million solar panel installations on houses worldwide in five years. Besides the Netherlands, Austria and Australia, Belgium is one of the global market leaders in this field. IEA also reported that heat generation from renewable sources will increase by a fifth between now and 2024.
Uncertainty results in lower growth of renewable energy
Despite this optimistic message from the IEA, this forecasted growth will not achieve the climate targets. The uncertainty surrounding the renewable energy policy and legal framework means that its growth is not accelerating. Obviously, this uncertainty has an impact on investors, who prefer to first look the cat out of the tree. Finally, in many countries the electricity grid is in need of modernization in order to fully draw the map of renewable energy.