Global renewable energy capacity to double in next five years – IEA

By: MRT Desk

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Global renewable energy capacity to double in next five years - IEA

The International Energy Agency (IEA) said on Tuesday global renewable energy capacity will double over the next five years, driven by concerns about energy security following Russia’s invasion of Ukraine.

In an annual report on the outlook for renewables, the IEA said global capacity is projected to grow by 2,400 gigawatts (GW) — equivalent to all of China’s current power capacity — to reach 5,640 GW by 2027.

The increase is 30% higher than expected a year ago. High gas and electricity prices resulting from this year’s global energy crisis have made renewable energy technologies more attractive.

Renewables growth is also being driven by the United States, China and India, which are implementing rules and market reforms to support the deployment of renewables faster than anticipated.

“Renewables were already expanding rapidly, but the global energy crisis has led them into an extraordinary new phase of even faster growth as countries seek to reap their energy security benefits,” said IEA Executive Director Fatih Birol.

“In the next five years, the world will incorporate as much renewable energy as in the previous 20 years,” he added.

According to the report, renewables will account for more than 90% of global electricity expansion over the next five years, and will exceedcharcoalto become the world’s largest source of electricity by early 2025.

Global solar PV capacity will nearly triple by 2027, making it the world’s largest source of energy, while wind capacity will nearly double.

Demand for biofuels will increase by 22% by 2027, according to the report.

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