IEA still sees chances of achieving 1.5-degree target

The International Energy Agency (IEA) expects renewables to replace coal as the world’s most important resource for power generation in the next five years. The total capacity of renewables is expected to reach 2.4 terawatts, equivalent to China’s entire power plant capacity today. More than 90 percent of the new capacity added worldwide will be from renewables, according to the IEA, and of that, 90 percent will be from photovoltaics and wind power. Globally installed PV capacity is expected to nearly triple by 2027, becoming larger than all the coal-fired power plants in the world.
These are key statements from the IEA’s »Renewables 2022« report. The main reason for the recent significant acceleration in growth and above all for the considerably more favorable expectations compared with earlier forecasts is the global energy crisis. According to the IEA, it has created »unprecedented momentum.« The Russian war on Ukraine has driven governments and businesses around the world »to rapidly replace Russian gas with alternatives.« Therefore, in the next five years, if the right policy framework is created and supply bottlenecks are overcome, as much renewable energy capacity could be added as in the previous 20 years. This would »keep alive the possibility of limiting global warming to 1.5 °C.«

Related News