IEA: Сapacity of renewables to grow 2,400 GW in 5 years

The capacity of renewable energy sources (RES) in the world will increase by 2,400 GW in the period 2022-2027. At the same time, by the beginning of 2025, RES will become the main source of electricity production, which will account for more than 90% of the total generation, Report informs referring to the International Energy Agency (IEA) Renewables 2022 report.

The global energy crisis is driving a sharp increase in renewable energy capacity, with total global capacity nearly doubling in the next five years, overtaking coal as the largest source of electricity generation, the report said.

According to Fatih Birol, head of the IEA, renewable energy has been developing rapidly, but the global energy crisis has pushed them into an even faster growth phase.

“In the next five years, the world intends to add as much renewable energy as in the previous 20 years,” Birol said.

According to the report, the volume of commissioning of new renewable energy capacities in Europe in the period 2022-2027 will be twice as high as in the previous five years, which, according to the IEA, is due to a combination of energy security considerations and climate ambitions.

In addition to Europe, the acceleration of renewable energy capacity growth in the next five years will also take place in China, the US and India, which are actively pursuing renewable energy policies and implementing regulatory and market reforms faster than previously planned to combat the energy crisis.

China is expected to account for almost half of the world’s new renewable energy capacity in 2022-2027, the IEA noted.