The global energy crisis has given renewable energy a historic boost, with the world on track to add as much renewable energy in the next five years as it did in the previous twenty, a new report by the International Energy Agency (IEA) has shown.
According to IEA, the global energy crisis is causing a sharp acceleration in the installation of renewable energy, with total capacity growth expected to almost double over the next five years, overtaking coal as the primary source of electricity generation in the process and keeping alive the possibility of keeping global warming to 1.5 °C.
Concerns over energy security brought on by Russia’s invasion of Ukraine have prompted nations to rely less on imported fossil fuels, whose prices have skyrocketed, and more on renewable energy sources like solar and wind.
IEA analysis says the capacity of renewable energy worldwide is now predicted to increase by 2 400 gigawatts (GW) between 2022 and 2027, an amount equivalent to the entire power capacity of China at the time.
“This enormous anticipated increase is 30 percent greater than the growth amount predicted just a year ago, demonstrating how swiftly governments have added more policy weight to renewables,” IEA said.
In five years, global renewable capacity would represent an amount equal to the total installed power capacity of China, said the report. The growth projections are 30 percent more than was expected last year.
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According to the analysis, over 90 percent of the increase in global electricity over the following five years is expected to come from renewable sources, which are expected to surpass coal as the primary source of electricity worldwide by the beginning of 2025.
“Renewables were already expanding quickly, but the global energy crisis has kicked them into an extraordinary new phase of even faster growth as countries seek to capitalize on their energy security benefits. The world is set to add as much renewable power in the next 5 years as it did in the previous 20 years,” said IEA Executive Director Fatih Birol.
“This is a clear example of how the current energy crisis can be a historic turning point towards a cleaner and more secure energy system. Renewables’ continued acceleration is critical to help keep the door open to limiting global warming to 1.5 °C.”
The war in Ukraine represents a turning point for renewable energy in Europe, where businesses and governments want to quickly switch from Russian gas to alternatives.
“The addition of renewable power capacity in Europe is anticipated to double between 2022 and 2027 compared to the preceding five years, driven by both energy security concerns and climate objectives,” IEA said.
It added, “If EU member states swiftly implemented a number of policies, such as streamlining and reducing permitting timelines, improving auction designs, and providing better visibility on auction schedules, as well as improving incentive schemes to support rooftop solar, even faster deployment of wind and solar PV could be accomplished”.
