The International Energy Agency (IEA) says the world will deploy as much renewable energy in the next five years as it did over the last two decades
Solar, wind and other renewable energy sources are expected to continue building momentum, with installed capacity set to grow by about 2,400 GW through 2027, according to the IEA.
It said that renewable energy will account for 90% of all planned capacity expansions throughout the world, dominated by solar and wind. Cumulative solar PV capacity will almost triple under the IEA forecast, growing by nearly 1,500 GW and surpassing natural gas by 2026 and coal by 2027.
“Renewables were already expanding quickly, but the global energy crisis has kicked them into an extraordinary new phase of even faster growth,” said Fatih Birol, executive director of the IEA.
Within five years, global renewables capacity could represent an amount equal to the total installed power capacity of China, said the IEA. The growth projections are 30% more than was expected last year.
IEA said low prices and security are two major drivers for the global adoption of renewable energy.
Solar, wind and other renewable energy sources are expected to continue building momentum, with installed capacity set to grow by about 2,400 GW through 2027, according to the IEA.
It said that renewable energy will account for 90% of all planned capacity expansions throughout the world, dominated by solar and wind. Cumulative solar PV capacity will almost triple under the IEA forecast, growing by nearly 1,500 GW and surpassing natural gas by 2026 and coal by 2027.
“Renewables were already expanding quickly, but the global energy crisis has kicked them into an extraordinary new phase of even faster growth,” said Fatih Birol, executive director of the IEA.
Within five years, global renewables capacity could represent an amount equal to the total installed power capacity of China, said the IEA. The growth projections are 30% more than was expected last year.
IEA said low prices and security are two major drivers for the global adoption of renewable energy.
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