The Global Wind Energy Council Report: A Recap of 2024

In 2024, a record-breaking 117 gigawatts of wind power capacity was installed worldwide, surpassing the previous year’s figures. While this is a significant achievement, it falls short of the targets needed to effectively combat climate change and transition to a sustainable energy future, as highlighted in a report by the Global Wind Energy Council (GWEC).

Why It’s Important

The urgency to shift towards renewable energy sources, such as wind and solar power, has never been greater in order to mitigate global warming and reduce carbon emissions. Organizations like the GWEC emphasize that the current pace of progress is insufficient to meet the ambitious targets set by the United Nations to triple renewable energy capacity by 2030.

The GWEC also points out that uncertainties surrounding U.S. tariffs could impede progress in the wind energy sector. Policy changes, such as the Inflation Reduction Act introduced by former President Joe Biden, have played a crucial role in driving investments in green energy, but political and economic factors continue to impact the industry’s growth trajectory.

By the Numbers

In 2024, the global wind industry saw a total of 117 GW of new installed capacity, with onshore wind accounting for 109 GW and offshore wind contributing 8 GW. This brings the cumulative capacity of wind power worldwide to 1,136 GW, with China leading in installations followed by the United States.

The GWEC projects a compound average growth rate of 8.8% for the wind industry by 2030, aiming to add an additional 981 GW of capacity globally within the next decade.

Context

Renewable energy remains one of the most cost-effective options for meeting energy needs while reducing environmental impact. However, challenges persist in the form of policy uncertainties and the need for infrastructure improvements to accommodate the growing share of renewable power sources.

Issues such as permitting processes, grid transmission capabilities, and auction mechanisms must be addressed to facilitate the integration of higher levels of renewable energy into the existing energy grid.

Key Quotes

“We are seeing a more volatile policy environment in some parts of the world, including ideologically driven attacks on wind and renewables and the halting of under construction projects, threatening investment certainty,” said Ben Backwell, Chief Executive of GWEC.

“The aggressive stoking of tariff wars adds further uncertainty to international investment decisions and threatens to disrupt the international supply chains which the wind industry relies on,” he added.

As the world continues to grapple with the challenges of climate change and energy transition, the wind industry plays a crucial role in driving sustainable development and reducing greenhouse gas emissions. With concerted efforts and supportive policies, the potential for wind power to contribute significantly to a cleaner and greener energy future remains promising.

(Source: Reuters)