(Bloomberg) -- Growth for global wind power is expected to slow this year as the industry faces struggles with rising costs, limited infrastructure and policy uncertainty. 

Installations are expected to increase by almost 6% in 2024, BloombergNEF said in a report. That compares with a jump of almost 35% in 2023. 

While the industry is forecast to add 124 gigawatts of capacity — a record increase — the jump from 2023 to 2024 is only 7 gigawatts. That compares with a gain of 30 gigawatts in the previous year, the BNEF data show. 

This stagnation comes at a critical point when governments worldwide are racing to increase their renewable power supplies in the fight against climate change. And while BNEF predicts that global wind capacity is set to triple by 2035, that will still be “far short of the course needed to hit net-zero emissions by 2050,” the report said. 

A gigawatt is equal to roughly the output of a nuclear reactor and can power about 750,000 US homes.

©2024 Bloomberg L.P.