Global renewable energy capacity is predicted to double in the next five years, driven by energy supply concerns in the wake of Russia’s invasion of Ukraine, the International Energy Agency (IEA) said on Tuesday.
The Paris-based intergovernmental organisation said global renewable power capacity is expected to grow by 2,400GW, equal to the entire Chinese power capacity today, to 5,640GW by 2027.
Growth in renewables is also being driven by the US, China and India implementing policies and regulatory and market reforms to support renewables deployment more quickly than previously planned.
The IEA’s annual report on the outlook for renewables also forecasts that global solar PV capacity will almost triple over the 2022-2027 period, surpassing coal and becoming the largest source of power capacity in the world.
IEA Executive Director Fatih Birol said: “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 capitalise 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.
“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 °C.”
