Renewable energy is set to soar to new heights over the next five years, according to a report by the International Energy Agency (IEA). The study predicts that solar, wind, and other green energy sources will experience a 75% increase in installed capacity, adding around 2,400 GW over the period. This growth projection is 30% higher than what was expected last year, with 90% of planned additions worldwide represented by solar and wind energy. The expansion of renewables is driven by low prices and energy security, and will contribute to limiting global warming to 1.5°C, staving off the worst effects of climate change.
The report predicts that solar photovoltaic (PV) capacity will almost triple, growing by almost 1,500 GW over the period, exceeding natural gas by 2026 and coal by 2027. The growth in deployment will represent as much capacity added in the next five years as the last 20. Commercial and residential solar PV systems make up 26% of the global renewable capacity additions forecast, with the outlook for distributed solar PV applications revised upwards due to high natural gas prices raising retail electricity bills. Renewable energy generation dedicated to hydrogen fuel production is also expected to grow, with 50 GW of PV and wind capacity set to be dedicated to this process by 2027.
Source image: hpgruesen / Pixabay
