Renewable Energy Capacity Expected to Increase by 50% in 5 Years

According to an International Energy Agency (IEA) report, global renewable energy capacity is expected to increase by nearly 50% by 2024. However, this projected expansion of 1.2 TW may change depending on the governments' moves. According to Ali Aydin, General Director of Ülke Enerji, the obstacles to the expansion of wind energy must be removed.

The International Energy Agency (IEA) foresees the installation of 1.22 TW new renewable energy capacity worldwide between 2020 and 2024, including 351 GW of new wind capacity. With this projection, the world's renewable energy capacity is expected to increase from 2.5 TW at the end of 2018 to 3.72 TW by the end of 2024, while the total wind power capacity is expected to increase by 62%. According to Ali Aydin, General Manager of Ülke Enerji, which provides service to wind power plants at home and abroad, cost reductions and policy improvements in key markets are further fueling the expansion of wind energy worldwide.

Policies Drive Renewable Energy

Government policies appear to be positively or negatively impacting the development of renewable energy. The fact that regulatory policies are coping with uncertainties, tackling investment risks and grid integration problems in emerging markets is accelerating the development of renewable energy capacity, especially wind and solar energy. Pointing out the obstacles to the expansion of wind energy in particular, Ali Aydin said there is a need for government support on grid integration, access to finance and social acceptance. Stating that the IEA's 2024 projection can be reached with policies that will be useful in overcoming these obstacles, Aydın says that more support should be given to renewable energy in the world where climate discussions are held and costs come to the forefront.

Wind Energy Capacity on Land Becomes 850 GW

In the IEA's main scenario, the world's onshore wind turbines are expected to increase by 57% to 850 GW by 2024. Annual installations peak at barely 60 GW in 2020 as federal support in the U.S. ends and the transition to a planned auction system in China increases. In line with the slowdown in these two largest onshore wind markets, growth is projected to fall to 50 GW per year between 2021 and 2024. Meanwhile, planned auctions in Latin America, the Middle East and North Africa and Eurasia will generate strong growth, and expansion will continue in Europe as auctions keep costs low. Offshore wind capacity is also rising to 66 GW by 2024, according to the study. Europe accounts for half of this growth, with record-low contract prices leading to expansion in the UK, Denmark, the Netherlands and Germany.

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About Country Energy:

Providing service services to wind power plants at home and abroad, Ülke Enerji offers special solutions with its dynamic and experienced staff. Ülke Enerji, which has Turkey's most experienced staff in the field of wind power plants, always aims to maintain predetermined service levels for maximum production continuity in power plants. Ülke Enerji, which can produce fast solutions and makes the life cycles of the power plants the most efficient thanks to its dynamic and experienced engineering support, prepares proactive solutions for the failures and problems that may occur.