Renewable Power Capacity Set to Double
As governments transition away from fossil fuels due to rising energy prices and the climate catastrophe, the world's renewable power capacity is expected to double over the next five years.
The International Energy Agency predicted a sharp increase in the number of renewable energy installations. By the beginning of 2025, it is currently anticipated that green energy would surpass coal as the primary source of electricity worldwide.
According to the analysis, the capacity of renewable energy worldwide is currently anticipated to increase by 2,400 gigawatts (GW) between 2022 and 2027, which is an amount equal to the present-day power generation capacity of China. The rise is 30% greater than what the Paris-based agency predicted only a year prior.
Global inflation has been fueled by rising prices for most energy sources, including coal, oil, and natural gas, and this has brought to light Europe's historical over-dependence on Russian oil and natural gas imports.
The expansion of renewable energy is also being fueled by policy and market reforms in China, the United States, and India. According to the IEA analysis, China is predicted to supply over half of the additional renewable energy capacity built globally between 2022 and 2027. The Inflation Reduction Act sponsored by the Biden administration, meantime, is anticipated to encourage the growth of renewable energy in the US.
Investments in solar and wind power will account for most of the growth in renewable energy. Over the next five years, the capacity of the world's solar and wind energy systems is expected to nearly double.