Global supplies of renewable electricity are increasing faster than expected and could grow by 50% in the next five years, powered by a revival in solar energy. The International Energy Agency (IEA) found that solar, wind, and hydropower plans are rolling out at their fastest speed in four years.
Its latest report foresees that by 2024, a new dawn for cheap solar power could see the world’s solar capability grow by 600GW, almost double the installed total electricity capacity of Japan. Overall, renewable electricity is likely to grow by 1,200GW in the next five years, that is corresponding to the full electricity capacity of the US.
“This is an essential time for renewable energy,” stated the IEA’s executive director, Fatih Birol. “Technologies such as solar photovoltaics (PV) and wind are at the core of transformations taking place across the universal energy system. Their increasing placement is crucial for efforts to tackle greenhouse gas emissions, decrease air pollution, and expand energy access.” The Guardian stated earlier this month that a renewable energy revolution could end the sphere’s rising call for oil and coal in the 2020s, times ahead of forecasts from oil and mining companies. Renewable energy foundations make up 26% of the world’s electricity today, but rendering to the IEA, its share is expected to reach 30% by 2024. The revival follows a global slowdown last year, due to falling technology prices and rising environmental worries. However, Birol cautioned that the role of renewables in the global energy system would need to increase even faster if the world hopes to encounter its climate targets.