Overview

• The International Energy Agency now projects global renewable capacity at about 2.6 times its 2022 level by 2030, roughly 4,600 GW, down from forecasts of more than 5,500 GW a year ago.
• The agency slashed its U.S. outlook by nearly 50% due to the anticipated removal of federal tax incentives and other regulatory changes.
• China’s move from regulated tariffs to auction-based procurement is expected to erode profitability and slow project growth.
• Solar photovoltaics are set to deliver around 80% of near-term additions, while offshore wind prospects are downgraded compared with last year.
• India is on track to become the second-largest growth market with capacity expected to multiply by about 2.5 times in five years, and several European markets also see upgraded outlooks.