RIYADH: Global renewable power capacity is expected to double over the next five years primarily driven by energy security concerns caused by Russia’s invasion of Ukraine, according to the International Energy Agency.
In its annual report on the outlook of renewables, the organization noted that the capacity of renewables globally is expected to grow by 2,400 gigawatts over the 2022-2027 period, an amount equal to the entire power capacity of China today.
“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. The world is set to add as much renewable power in the next five years as it did in the previous 20 years,” said the IEA's executive director Fatih Birol.
According to IEA, this massive rise in the renewables sector is 30 percent higher than the amount of growth that was forecast just a year ago, which indicates the fact that governments all across the world are quickly embracing sustainable energy measures for a better future.
The report further pointed out that renewables are set to account for over 90 percent of global electricity expansion over the next five years, overtaking coal to become the largest source of global power by early 2025.
Birol added: “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. Renewables’ continued acceleration is critical to help keep the door open to limiting global warming to 1.5 degree Celsius.”
The report added that global solar photovoltaic capacity is expected to almost triple by 2027, becoming the largest source of power capacity in the world, while wind capacity is set to double in the same period.
The IEA also noted that global biofuel demand is set to expand by 22 percent over the 2022-2027 period.
“Together, wind and solar will account for over 90 percent of the renewable power capacity that is added over the next five years,” the IEA added.
According to the report, Europe is leading the energy transition from the front as EU nations are looking to rapidly replace Russian gas with alternatives post the conflict in Ukraine.
The report added that countries like China, US and India are implementing policies and introducing regulatory and market reforms to combat a possible energy crisis.