Due to war in Ukraine, renewable energy to double in 5 years
The war in Ukraine has been a turning point for renewable sources, as the energy crisis caused by the war has accelerated the growth of total capacity worldwide and is expected to double in the next five years, said the International Energy Agency (IEA).
According to a new report from the agency, “energy security concerns caused by the Russian invasion of Ukraine have prompted countries to increasingly turn to renewables, such as solar and wind, to reduce dependence on imported fossil fuels, the prices of which have soared dramatically.”
The IEA noted that global renewable energy capacity is expected to increase by 2,400 gigawatts between 2022 and 2027, an amount equivalent to China’s total energy capacity today.
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The agency commented that the global energy crisis has driven the acceleration in the installation of renewable energy, such that it will double in the next five years and overtake coal as the largest source of electricity generation, which will also help “keep alive the possibility of limiting global warming to 1.5 Celsius.”
He mentioned that the massive increase in the expected installation of clean sources is 30 percent higher than the amount of growth that was forecast just a year ago, when the war had not yet materialized.
The report said renewables will account for more than 90 percent of global electricity expansion over the next five years, overtaking coal to become the world’s largest source of electricity by early 2025.
“Renewables were already expanding rapidly, but the global energy crisis has taken them into an extraordinary new phase of even faster growth as countries seek to capitalize on their energy security benefits,” said IEA Executive Director Fatih Birol.
“The world is poised to add as much renewable energy in the next 5 years as it did in the previous 20 years,” he noted.
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“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,” he added.
The IEA noted that the war in Ukraine is a watershed moment for renewables in Europe, where governments and companies are looking to quickly replace Russian gas with alternatives.
It also forecasts that the amount of renewable energy capacity added in Europe between 2022 and 2027 will double from the previous five-year period, driven by a combination of energy security concerns and climate ambitions.
It noted that beyond Europe, the upward revision in renewable energy growth for the next five years is also driven by China, the United States and India, which are implementing policies and introducing regulatory and market reforms faster than expected to combat the energy crisis, such as the U.S. Inflation Reduction Act.
The agency estimates that the installation of solar panels on residential and commercial rooftops will accelerate because it will help consumers reduce energy bills.
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In addition, total global demand for biofuels is expected to expand by 22 percent over the next five years.
He noted that the United States, Canada, Brazil, Indonesia and India account for 80 percent of the expected global expansion in biofuel use, and all five countries have comprehensive policies in place to support growth.
