China is set to solidify its position as the global leader in renewable energy, accounting for 60 percent of the global capacity expansion by 2030, according to Renewables 2024 report, published by the International Energy Agency (IEA) on Wednesday.

The report forecasts that by 2030, China will host half of all newly installed renewable energy capacity worldwide, having already surpassed its end-of-decade target of 1,200 GW for solar PV and wind power six years ahead of schedule. Since phasing out feed-in tariffs in 2020, China's solar PV capacity has nearly quadrupled and wind capacity has doubled, driven by competitive costs and favorable government policies.

According to the IEA, China's success is largely due to robust support for both large-scale and distributed renewable technologies. The country's renewable expansion is further fueled by its Net Zero by 2060 goal, backed by incentives from the 14th Five-Year Plan (2021-2025), local manufacturing capabilities, and low-cost financing.

In addition to China's progress, the report outlines global trends in renewable energy deployment across electricity, transport, and heating sectors by 2030. It also evaluates the challenges to achieving the global goal of tripling installed renewable capacity. Highlighting the potential role of renewable fuels in decarbonization, the report also examines other key issues including policy trends, technology costs, and system integration that drive the development of renewable energy.

Renewables 2024 is the IEA's flagship annual report, providing forecasts and analysis on market and policy trends, alongside the barriers to faster growth in the renewable energy sector.