The International Energy Agency’s (IEA) latest annual report has restored optimism about the planet’s climate future. And this the clean energies experiencing a completely unexpected explosion, largely due to insecurity created by the war in Ukraine. The increase in renewable energy deployment projected for the next five years is now breaking all forecasts made just one year ago.
The global energy crisis is causing a sharp acceleration in renewable energy installations. Total capacity growth worldwide, which will almost double over the next five yearsIn a new report, the IEA says coal is replacing coal as the largest source of electricity generation, helping to keep the chances of limiting global warming to 1.5°C alive.
Concerns about energy security caused by Russia’s invasion of Ukraine have motivated countries to increasingly turn to renewable energy such as solar and wind. reduce dependency on imported fossil fuelsPrices skyrocketed dramatically.
According to Renewables 2022, the latest edition of the IEA’s annual report on the industry, global renewable energy capacity is expected to increase by 2,400 gigawatts (GW) over the period 2022-2027; that’s the equivalent of China’s total power capacity today.
It projected large increase, 30% higher than the amount of growth predicted just one year agohighlights how quickly governments are accelerating their efforts on renewable energy. The report shows that clean energy will account for more than 90% of new electricity generated in the world over the next five years, surpassing coal to become the world’s largest source of electricity by early 2025.
“Renewables were already expanding rapidly, but as countries sought to reap the benefits of energy security, the global energy crisis has pushed them into an extraordinary new phase of even faster growth. The world is ready to add renewable energy in the next five years, as it did in the previous 20 years.Fatih Birol, IEA Executive Director, said.
“This is a clear example of how the current energy crisis can be a historic milestone towards a cleaner and safer energy system. The continued acceleration of renewable energy is critical to helping keep the door open to limit global warming to 1.5°C. ” added Birol.
Insecurity due to war in Ukraine turns to renewable energy sources
The war in Ukraine is a defining moment for renewable energy in Europe, where governments and companies are rapidly trying to replace Russian gas with other alternatives. The amount of renewable energy capacity deployed in Europe during 2022-27 is estimated to double over the previous five-year period.driven by a combination of energy security concerns and climate ambitions.
According to the report, faster deployment still achievable If EU member states quickly implement a range of policies, including simplifying and shortening permit times, improving auction designs and improving the visibility of auction calendars, as well as improving incentive schemes for solar roofs, wind and solar photovoltaic power will be supported”.
Beyond Europe, an upward revision in the growth of renewable energy for the next five years In recent years, it has been driven by China, the United States, and India.implementing policies and implementing regulatory and market reforms faster than expected to tackle the energy crisis.
As a result of the recent 14th Five-Year Plan, China is expected to account for about half of new global renewable energy capacity additions in 2022-2027. Meanwhile, the US Inflation Reduction Act provided new long-term support for renewable energy expansion in the US.
Solar energy and photovoltaic rise
Large-scale solar and onshore wind are the cheapest options for next-generation electricity in the vast majority of countries around the world. Specifically and according to the IEA, Global solar capacity to nearly triple in 2022-2027It has overtaken coal to become the world’s largest source of energy capacity.
The report also makes a prediction: accelerating residential and commercial rooftop solar panel installationshelps consumers reduce their energy bills. Global wind capacity will nearly double in the given period, and offshore projects will account for one-fifth of the growth.
Wind and solar power together will account for more than 90% of the renewable energy capacity to be deployed over the next five years.
The report sees signs of diversification emerging in global PV supply chains and New policies in US and India expected to boost investment up to $25 billion in solar energy production over 2022-2027. While China remains the dominant player, its share of global production capacity could fall from 90% today to 75% by 2027.
this is expected Total world demand for biofuels increased by 22% In the period 2022-2027. The US, Canada, Brazil, Indonesia and India account for 80% of the expected global expansion in biofuel use, and all five countries have comprehensive policies to support growth.
However, this whole situation of accelerating renewable energy, solving supply chain problems requires effort to expand networks and implement greater flexibility To safely manage a larger portion of renewable energy. Fastest growing clean resources bring the world closer to achieving net zero emissions by 2050offers a real chance to limit global warming to 1.5°C.
Reference report: https://www.iea.org/reports/renewables-2022
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