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IEA predicts renewable energy to overtake coal by 2025

 

The global capacity for producing renewable energy will soar by some 75% in the next five years, the International Energy Agency (IEA) said on Tuesday

, citing energy security concerns as a key reason.

Energy security worries triggered by Russia's invasion of Ukraine have motivated countries to turn to renewables such as solar and wind to reduce reliance on imported fossil fuels.

What the IEA report said

According to the forecast, renewables will account for over 90% of global electricity expansion over the next five years, overtaking coal to become the largest source of global electricity by early 2025.

The IEA expects worldwide capacity to grow by some 2,400 gigawatts — the equivalent of China's current entire power capacity — to 5,640.

That increase is 30% higher than the growth predicted a year ago, as higher fuel and electricity prices make renewables increasingly attractive to investors and consumers.

"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," said IEA Executive Director Fatih Birol. "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."

 

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Published on 12/8/2022 (54 days ago) Coal