5TW of renewables to be energised by 2033
- Admin
- Jul 8, 2024
- 1 min read
Renewables developers are expected to bring more than 5TWac online between 2024 and 2033. The analysis by Wood Mackenzie indicates that 5.4TWac of new solar and wind capacity will be energised during this period, with energy storage capacity (excluding pumped hydro) expected to grow by more than 600% to nearly 1TW. Global demand for renewables has surged due to policy targets, technology innovation, and energy security concerns. Solar PV is leading the deployment race, with China projected to dominate solar, energy storage, and wind uptake. The report also highlights the increasing role of energy storage in making renewable power available, and the significant growth potential in solar PV and wind power capacity in the next decade.
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