IEA: Biden's Policy Slows Global Renewable Energy Growth to 2030
The International Energy Agency (IEA) predicts a significant boost in global renewable energy capacity by 2030. However, the new US energy and climate policy, initiated under President Joe Biden, is having both positive and negative impacts on this growth.
Biden's administration has launched ambitious plans to expand renewable energy infrastructure, which has led to a halving of the growth forecast for the USA. Despite this, wind energy is expected to almost double by 2030, driven by demand despite challenges in tractor supply, rising costs, and approval delays.
To tackle these issues, more flexible power supply systems and investments in the power grid are needed. The growing share of wind and solar energy is transforming electricity markets, bringing new integration challenges. Solar energy, accounting for nearly 80% of global growth, is being driven by low costs, faster approval procedures, and broad social acceptance.
The new US energy and climate policy is slowing global growth of renewable energy capacities, with the news that the target to triple capacity by 2030 is now unlikely. Growth will be hindered by dependencies in tractor supply chains, grid integration issues, and financing problems. Despite these challenges, renewable energy capacity is still expected to double by 2030.
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