Over 90% of global electricity to be powered by renewables by 2050

However, gaps in infrastructure and grids continue to present challenges.

Renewable energy is projected to account for 91% of global electricity by 2050, with solar photovoltaics and wind energy leading the forecast.

According to the International Renewable Energy Agency (IRENA), this makes large-scale renewables projects and the connection of large consumer loads a priority for the energy transition.

“Despite the record addition of around 582 GW of new renewable power capacity in 2024, achieving the global target of 11.2 terawatts of renewables capacity by 2030 still requires addressing major gap,” IRENA said.

Lagging infrastructure development and inefficiencies in power grids remain as some of the challenges to meeting electricity demand and the energy transition goals.

In electricity grids alone, IRENA estimates around $670b of investment is required annually between 2025 and 2030 to strengthen such facilities.

“Domestic permitting processes remain the single greatest barrier to the physical establishment of new transmission lines. Supply chain constraints also pose challenges to both developed and developing economies.” IRENA said.

“These barriers raise the urgent need for market reforms, workforce upskilling, de-risking investment, and expanding global manufacturing,” it added.