Energy crisis fuels renewables boom: IEA

Dec 6, 2022 12:24 PM ET
  • The energy crisis is fuelling an acceleration of the rollout of renewable power, elevating wish for efforts to fulfill enthusiastic targets against international warming, the International Energy Agency said Tuesday.
Energy crisis fuels renewables boom: IEA

Overall renewables capacity worldwide is readied to nearly increase in the following five years and surpass coal as the largest source of power generation by 2025, the IEA said in a report.

The 2,400-gigawatt growth between 2022-2027 is nearly a third higher than last year's IEA projection, according to the Paris-based agency, which advises established nations.

This would help "keep alive the possibility of limiting global heating to 1.5 (degrees Celsius)", the IEA claimed, describing the preferrable target embeded in the 2015 Paris Agreement to stop a climate catastrophe.

The invasion of Ukraine by major oil as well as gas exporter Russia has activated an energy problem as well as triggered countries in Europe, which were highly depending on Russian distributions, to expand their supplies.

" Renewables were currently increasing promptly, however the international energy crisis has kicked them right into a phenomenal new phase of also faster development as countries seek to capitalize on their energy security advantages," said IEA executive supervisor Fatih Birol.

" The world is readied to add as much renewable power in the following five years as it did in the previous 20 years," Birol stated in a declaration.

" This is a clear instance of exactly how the current energy crisis can be a historical pivotal moment towards a cleaner and also a lot more secure future globe energy system."

The amount of renewable power capacity added in Europe between 2022-2027 is forecast to be two times as high as in the previous five-year period, the IEA said.

EU nations could deploy wind and solar energy also quicker if they were to promptly simplify the procedure for receiving permits, the report claimed.

The IEA's modified projection is additionally driven by new policies as well as market reforms being implemented faster than previously intended.

China is anticipated to make up practically half of new worldwide renewable power capacity additions in the next 5 years, the report said.



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