IEA: Renewables will overtake coal as world’s number one energy source by 2025
“Energy security concerns caused by Russia’s invasion of Ukraine have prompted countries to increasingly turn to renewables such as solar and wind to reduce their dependence on imported fossil fuels” , the IEA said in a report on renewable energy published this month.
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Global renewable energy capacity is now expected to increase by 2,400 gigawatts between 2022 and 2027, an amount equivalent to all of China’s power capacity today, according to the IEA report, the latest on the renewable energy sector.
Global solar capacity is expected to nearly triple over the next five years, overtaking coal and becoming the world’s largest source of power capacity, the IEA said.
The increase in capacity predicted in the report is 30% higher than the growth in renewables that the IEA predicted just a year ago. More than 90% of global electricity expansion will come from renewable sources over the next five years, the IEA said.
“Renewables were already growing rapidly, but the global energy crisis has propelled them into an extraordinary new phase of even faster growth,” IEA executive director Fatih Birol said in a press release.
The IEA described the war in Ukraine as a “watershed moment” for renewable energy in Europe, where governments and companies seek to rapidly replace Russian gas with alternatives.
Following the conflict, Germany – already a leader in renewable technologies but dependent on Russia for most of its oil, natural gas and coal – advanced its goal of 100% renewable energy by more than a decade until 2035.
The IEA said Europe could deploy wind and solar power even faster if European Union members agreed to measures such as streamlining and reducing permitting times, improving design auctions and better visibility on auction calendars, as well as improved incentives to support rooftop solar.
Outside of Europe, renewables growth is being driven by China, the United States and India, all of which are introducing regulatory and market reforms faster than expected to tackle the energy crisis. China alone is expected to account for nearly half of the world’s new renewable energy capacity over the next five years, according to a plan released as part of its five-year plan in June.
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In the United States, the Inflation Reduction Act brought new support. The law, passed in August, includes $369 billion in climate and energy-related funding, much of it earmarked for high-tech solutions to help push the world’s largest incumbent emitter toward a brighter future. green.
“The current energy crisis can be a historic turning point towards a cleaner and more secure energy system,” Birol said. “The continued acceleration of renewable energy is essential to help keep the door open to limiting global warming” to 1.5 degrees Celsius.