Expansion of solar energy along with other renewable sources will be more than the forecast year, the International Energy Agency said in a report. Experts predict World’s top energy resource by 2025 will be renewable sources and not coal.
According to the report by International Energy Agency, over the next 5 years, renewable will account for more than 90% of global electricity overtaking coal and becoming the largest global electricity source by early 2025. IEA expects about 2400 gigawatts of growth in worldwide capacity which is at present equivalent to the present power capacity of China.
The IEA Executive Director Fatih Birol said, “Renewables were already expanding quickly but the global energy crisis 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 five years as it did in the previous 20 years. 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.”
Citing energy security concerns, International Energy Agency (IEA) said, “In upcoming 5 years, production of renewable energy globally will soar by 75%.” World’s top energy resource by 2025 will be renewable sources and not coal which would help in attaining the goal of limiting Global Warming up to 2.7° Fahrenheit (1.5° Celsius), as per the latest forecasts by IEA.
With higher electricity and fuel prices, the predicted growth will be 30% higher than the percentage predicted a year ago. “Energy security concerns caused by Russia’s invasion of Ukraine have motivated countries to increasingly turn to renewables such as solar and wind to reduce reliance on imported fossil fuels,” IEA said in its December 2022 report.
In a news release, International Energy Agency Executive Director Fatih Birol said, “Renewables were already expanding quickly, but the global energy crisis has kicked them into an extraordinary new phase of even faster growth.” Europe could increase usage of wind and solar energy faster, if European Union members agree to certain measures like reducing permitting timelines and streamlining, along with providing better visibility, improving auction designs on auction schedules, and improving incentives to encourage rooftop solar systems.
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Germany is already a leader in renewable technologies but relies on Russia for coal, natural gas, and oil imports. Due to the conflict with Russia after its Ukraine invasion, Germany is now focusing more on its 100% renewable power goal and aims at achieving it by 2035.
The United States of America, India, and China are also working to combat the energy crisis by introducing regulatory and market overhauls faster than anticipated. By the next 5 years, China is expected to account for half of the new global renewable power capacity and this became clear by the blueprint released as a part of their 5-year plan, in June 2022.
The Inflation Reduction Act passed in the United States provided new support as it includes funding of $369 billion in climate and energy. Much of it aims at high-tech solutions to help push forward the biggest historical emitter towards a green future. World’s top energy resource by 2025 will be renewable sources and not coal. This is evident through these notable attempts by major economies in the world.