Energy being expensive and trickier to source is good news ... for renewables
The International Energy Agency is revising its predictions for renewable energy growth upward by 30 percent, and reckons renewables like wind and solar will overtake coal to become the largest energy source on the planet by 2025.
The IEA said two major factors caused it to revise its forecasts upward: Russia's invasion of Ukraine and resulting European energy worries, and new policies in China, the United States and India it said gives those countries more favorable conditions for renewable investment.report, fossil fuel disruptions in the EU have caused energy prices to skyrocket, improving the competitiveness of solar and wind power in those regions.
China, the US, and India are all predicted to double their renewable expansion rates over the next five years as well. The IEA said the three will collectively account for two-thirds of global renewable growth, with China alone accounting for nearly half of new global renewable capacity between now and 2027.
The US has the Inflation Reduction Act to thank for its upward forecast, which the IEA said has given the US"unprecedented long-term policy visibility for wind and solar projects," while the agency said solar PV auctions have led to considerable competition in the renewables space."The world is set to add as much renewable power in the next 5 years as it did in the previous 20 years," said IEA executive director Fatih Birol.
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