Wind turbines in the Netherlands. A report from the International Energy Agency “expects renewable energy to become the main source of power for electricity generation globally over the next three years, surpassing coal.”
Mischa Keijser | Image source | beautiful pictures
Renewable energy is on track to overtake coal and become the largest source of electricity generation on the planet by the middle of the decade, according to the International Energy Agency.
The IEA’s Renewable Energy 2022 Report, released Tuesday, predicts a major shift in the world’s electricity mix at a time of great volatility and geopolitical tension.
“The first truly global energy crisis, caused by Russia’s invasion of Ukraine, has given unprecedented momentum to renewables,” it said.
“Recycled energy [will] become the largest global source of electricity generation by early 2025, surpassing coal,” it added.
Under its “primary case forecast,” the IEA predicts renewables will account for nearly 40% of electricity generation worldwide by 2027, coinciding with a reduction in the share of coal, natural gas and Nuclear.
The analysis comes at a time of major disruption in global energy markets following Russia’s invasion of Ukraine in February.
The Kremlin is the biggest supplier both natural gas and oil to the EU by 2021, according to Eurostat. However, gas exports from Russia to the European Union have fallen this year, as member states seek to drain the Kremlin’s war budget.
As a result, Europe’s major economies have been trying to increase supply from alternative sources for the coming colder months – and beyond.
In a statement released alongside its report, the IEA highlighted the consequences of the current geopolitical situation.
“The global energy crisis is driving renewable energy installations to a dramatic acceleration, with total capacity growth worldwide set to nearly double over the next five years,” it said.
“Concerns about energy security due to Russia’s invasion of Ukraine have prompted countries to increasingly turn to renewable energy such as solar and wind to reduce reliance on imported fossil fuels,” he said. imported fuel, which has a sudden increase in price,” the report added.
In the largest-ever revision to its renewable energy forecast, the IEA now expects the world’s renewable capacity to grow by nearly 2,400 gigawatts between 2022 and 2027 – the equivalent of “all of the world’s renewable capacity.” China’s installed electrical capacity set at present”.
Wind and sun soar forward
The IEA expects electricity to come from wind and solar photovoltaics (which convert sunlight directly into electricity) to provide nearly 20% of the planet’s electricity by 2027.
“These transformative technologies account for 80% of global renewable production increase over the forecast period, which will require flexible additional sources of power to the power system,” it added.
However, the IEA expects growth in geothermal, bioenergy, hydroelectricity and concentrated solar to be “limited despite their important role in energy integration”. solar and wind energy into the global power system.”
Fatih Birol, executive director of the IEA, said the global energy crisis has pushed renewables “to an extraordinary new phase of even faster growth as countries seek to capitalize on their energy security interests.”
“The world will add as much renewable energy in the next five years as it did in the previous 20 years,” said Birol.
The head of the IEA added that continuing to accelerate renewables is “crucial” to keep “the door open to limiting global warming to 1.5°C.”
The 1.5 degree target is a reference to Paris Agreement 2015a landmark accord that aims to “limit global warming to below 2, preferably 1.5 degrees Celsius, above pre-industrial levels.”
Cutting anthropogenic carbon dioxide emissions to zero by 2050 is considered critical once the 1.5 degrees Celsius target is reached.
Earlier this year, a report from the International Energy Agency said investment in clean energy could be on the rise. exceed $2 trillion per year by 2030increased by more than 50% compared to the present.
