Jeddah: Renewable energy will make up 95 percent of total global power capacity growth in the next five years, according to the International Energy Agency.
The IEA’s executive director Fatih Birol said when it comes to renewables, solar power plays the most significant role.
“Solar is the new king of the global power markets,” he said.
About 55 percent of all power plants installed in the world will be solar, and while all countries will increase their renewable facilities, the lion’s share will be in China and India, he highlighted.
“These two giants account for about half of the entire renewable capacity installations,” he said, adding: “China, especially driven by solar power, alone provides about 40 percent of the global growth.”
One of IEA’s concerns is the high commodity prices, which will also result in an increase in renewable energy prices.
Birol added that India is well in line with the 500 gigawatt target, as mentioned at the COP26.
He also said the southern Asian country is witnessing a huge growth in biofuels, and in the next five years the IEA expects India to become the third largest market in the world after the US and Brazil.
“Even though we are breaking a record in renewables transition, we still need to double that pace in order to be in line with our renewable targets as well as our net zero targets,” he said.
Electric cars are estimated today to amount to 10 percent of all the cars sold this year, compared to 2 percent in 2019.
Pointing to the two-year jump regarding renewable energy and electric cars, the executive director said: “We can clearly say that a new global energy system is emerging.”