The IEA predicts that in the next five years, the production of renewable energy will even double from the current level.
The global energy crisis has pushed renewable energy production to an unprecedented pace, says the International Energy Agency IEA in its annual report (you will switch to another service).
The IEA predicts that in the next five years, the production of renewable energy will even double from the current level. Renewable energy is expected to overtake coal as the world’s largest source of electricity by early 2025.
According to the IEA, global energy capacity is projected to rise to 2,400 gigawatts, which is as much as China’s entire current production. According to the IEA, the production potential of renewable energy in five years would be 5,640 gigawatts.
The amount of solar energy will almost triple and wind energy will double, IEA predicts.
Russia’s attack tightens Europe
The growth rate of renewable energy surprised the IEA, according to which the growth is 30 percent higher than the organization predicted just a year ago.
The reason behind the change is Russia’s attack on Ukraine in February. It suddenly raised the prices of fossil energy sources and made European countries invest in renewable energy sources, the IEA says.
Also in China, India, and the United States, unexpectedly fast legislative changes and market reforms are accelerating the growth of renewable energy.
– The continuous growth of renewable energy is vital so that it is possible to limit global warming to 1.5 degrees, says the chairman of the IEA Fatih Birol in the organization’s bulletin.
Source: Reuters