Asia’s renewables capacity set to double by 2024

Accounting for around 47% of global capacity.

It has been noted that Asia's non-hydro renewables capacity is set to more than double over our 10-year forecast period to 2024, accounting for roughly 47% of total global renewables capacity (up from the current level of just under 40%).

According to a research note from BMI Research, the increase in share will come at the expense of the North America/Western Europe (NAWE) region, where ongoing policy slippage and a watering down of renewables targets in the region's mature renewables markets is leading to a slowdown in growth.

The report expects NAWE's non-hydro renewables capacity to contribute 40% to the global total in 2024, down from over 50% currently. All other regions will experience a modest growth in their global share of renewables capacity.

Here’s more from BMI Research:

Asia's emergence as the global outperformer for renewable energy, in terms of growth and total installed capacity, is primarily attributed to China's rapidly expanding renewables sector, which makes up the bulk of Asia's renewables capacity.

Incorporating renewable energy into the power mix is a top priority for the government - in a bid to reduce pollution - and the continued strong government support for both the wind and solar sectors is driving the deployment of renewable energy across the country.

In fact, we recently upwardly revised our 10-year renewables capacity and generation forecasts for China to reflect out bullish outlook, further cementing the country's position as the global leader for renewable energy.