Africa and Asia to lead global renewable energy growth by 2031

The International Energy Agency (IEA) projects that global renewable power capacity will grow by nearly 4,800 gigawatts between 2026 and 2031.

This expansion represents an increase of almost 60 per cent compared to the previous six-year period. The agency attributes this acceleration to heightened energy security concerns and stronger policy support following disruptions in global energy markets.

While China will remain the largest contributor to this growth, its share of the global increase will drop to an average of 53 per cent over the forecast period. India is expected to become the world's second-largest growth market, with its total renewable capacity more than doubling by 2031. In regions including South-east Asia, the Middle East, North Africa, and sub-Saharan Africa, the amount of added renewable capacity is forecast to nearly triple.

Solar Photovoltaic (PV) will account for over three-quarters of this growth, followed by onshore wind. The IEA notes that households and small businesses are contributing to this shift by installing affordable rooftop solar systems to combat high fuel prices and unreliable electricity. These small-scale projects have already improved services for about 70 million households. Additionally, renewable energy for transport is expected to rise by more than 60 per cent by 2031, with electric vehicles and biofuels providing the primary contributions.

Fatih Birol, the Executive Director of the IEA, stated that energy security now drives renewable expansion more than environmental sustainability. He noted that renewables currently provide one-third of global electricity generation and will approach half of that share in five years. However, the agency warned that 3,000 gigawatts of renewable energy and storage projects are currently waiting for grid connections, highlighting a need for better power system flexibility.