Coal Will Be Replaced by Renewables by Early 2025
A new report from the International Energy Agency predicts that by the beginning of 2025, renewable energy will surpass coal as the main source of electricity generation.
According to the agency, the capacity for renewable energy worldwide will increase at a rate equal to that of the previous 20 years over the course of the next five years. According to the report, it is 30% more than the rate of growth that was anticipated just a year ago.
The modification brings to light the unpredictability of the world energy market in the wake of Russia’s invasion of Ukraine. The study discovered that nations are investing more in renewable energy sources like solar and wind to lessen their reliance on imported fossil fuels.
“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,” IEA Executive Director Fatih Birol said in a statement.
The war in Ukraine is a “decisive moment for renewables in Europe where governments and businesses are looking to rapidly replace Russian gas with alternatives,” the report said.
Rising energy costs have fueled global inflation and made Europe reevaluate its reliance on Russia for natural gas. The capacity of renewable energy in Europe is now anticipated to double in the five years from 2022 to 2027.
“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,” Birol continued.
Birol said that the continued growth of renewables is “critical” to keeping the door open to the Paris Agreement’s goal of limiting warming to “well below 2, preferably to 1.5 degrees comparative to pre-industrial levels in degrees Celsius.”
In addition to Europe, China, the U.S., and other countries have policies, regulatory changes, and market reforms that are responsible for the trend toward renewable energy. and India, with the report citing the U.S., the REPowerEU plan, and China’s 14th Five-Year Plan as well as market reforms. Inflation Reduction Act as the “main drivers of the revised forecasts.”