• Home
  • About Us
  • Testimonials
  • Refer and Earn
  • Blog
  • Contact Us

Type To Search

  • Home
  • About Us
  • Testimonials
  • Refer and Earn
  • Blog
  • Contact Us
  • Home
  • About Us
  • Testimonials
  • Refer and Earn
  • Blog
  • Contact Us

Type To Search

  • Home
  • About Us
  • Testimonials
  • Refer and Earn
  • Blog
  • Contact Us
Blog Post
Home electricity IEA forecasts global renewable energy capacity to nearly double in five years
electricity

IEA forecasts global renewable energy capacity to nearly double in five years

12 de December de 2022by Jose

The total capacity of renewable energy facilities will nearly double in the next five years, overtaking coal as the largest source of electricity generation. So says the International Energy Agency (IEA) in its new report ‘Renewables 2022’. Global renewable energy capacity is forecast to increase by 2,400 GW over the period 2022-2027. The IEA stresses that the world is poised to add as much renewable energy in the next five years as it did in the previous 20 years.

This massive increase in renewables forecast is 30% higher than the growth that was predicted just a year ago. The report reveals that renewables will account for more than 90% of global electricity expansion over the next five years, overtaking coal to become the world’s largest source of electricity by early 2025.

You may be interested in: Solar providers near me Provo, Utah.

The IEA’s ‘Renewables 2022’ report highlights that the global energy crisis is driving a sharp acceleration in renewable energy installations. 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 whose prices have skyrocketed dramatically.

Rise of renewable energies in Europe

The amount of renewable energy capacity added in Europe in the 2022-2027 period is forecast to double from the previous five-year period, driven by energy security concerns and climate ambitions.

The report highlights that even faster deployment of wind and solar PV could be achieved if EU member states quickly implemented a number of policies, including simplifying and reducing permitting timelines, improving auction designs and improving the visibility of auction schedules, as well as improving incentive schemes for solar rooftops.

You may be interested in: Solar providers near me Provo, Utah.

Renewables also on the rise in China, US and India

Beyond Europe, the upward revision in renewable energy growth for the next five years is also driven by China, the US and India, which are implementing policies and introducing regulatory and market reforms faster than expected to combat the energy crisis.

Notably, as a result of its recent 14th Five-Year Plan, China is expected to account for nearly half of new global renewable energy capacity additions during the 2022-2027 period. For its part, the U.S. Inflation Reduction Act has offered new long-term support and visibility for renewable energy expansion in the United States.

Photovoltaics to triple, onshore wind to double

The IEA report identifies large-scale solar PV and onshore wind as the cheapest options for new electricity generation in a large majority of countries around the world.

Global solar PV capacity will nearly triple during the 2022-2027 period, overtaking coal and becoming the world’s largest source of power capacity. The report also forecasts an acceleration in residential and commercial rooftop solar panel installations, which help consumers reduce energy bills.

Global wind capacity, meanwhile, will nearly double over the forecast period, with offshore projects accounting for one-fifth of the growth. Together, wind and solar will account for more than 90% of the renewable energy capacity to be added over the next five years.

You may be interested in: Solar providers near me Provo, Utah.

The report sees emerging signs of diversification in global PV supply chains, with new policies in the United States and India expected to boost investment in solar manufacturing by as much as $25 billion over the 2022-2027 period. According to IEA forecasts, although China remains the dominant player, its share of global manufacturing capacity could decline from 90% today to 75% by 2027.

Source: https://www.smartgridsinfo.es/2022/12/12/iea-pronostica-capacidad-energia-renovable-mundo-casi-se-duplicara-cinco-anos

PrevHow many solar panels do you need at home to save?

How many solar panels do you need at home to save?

12 de December de 2022

Now it's Maricao: on the way to another solar urban center

12 de December de 2022
NextNow it's Maricao: on the way to another solar urban center

Related Posts

Read More
electricity
9 de December de 2022by Jose

7 pillars of the EU Solar Industry Alliance’s Strategic Action Plan

The Alliance, which was presented today by the European Commissioner for the Internal...
Read More
electricity
17 de November de 2022by Jose

EU and Ukraine cooperate to reduce dependence on Russian raw materials

The European Commission and the Ukrainian government have insisted on the urgency for the...

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Entradas recientes

  • Are solar panels the future?
  • Energy crisis strengthens renewable energies more than expected
  • Sustainability and soccer, hand in hand
  • Solar incentives in the U.S. states: Louisiana
  • Installation of solar panels

Comentarios recientes

No comments to show.

Archivos

  • December 2022
  • November 2022
  • September 2022

Categorías

  • electricity
  • hybrid energy
  • Sin categoría
  • solar panels
Featured author image: IEA forecasts global renewable energy capacity to nearly double in five years
Featured author signature: IEA forecasts global renewable energy capacity to nearly double in five years

Mark Starck

Follow Me. Be in Trend.

Categories
  • electricity108
  • hybrid energy1
  • Sin categoría3
  • solar panels6
Related Posts
No posts were found for display
Gallery
gallery-1
gallery-2
gallery-3

gallery-4
gallery-5
gallery-6

Featured image: IEA forecasts global renewable energy capacity to nearly double in five years

Innovative Solutions for Better Life

Start Now

Copyright © 2022 Solar Power Eco. All Rights Reserved  - Privacy Policy

Top