THE world will derive more power from renewable energy than from coal in the next five years, according to BusinessLive.
Citing a report by International Energy Agency (IEA), the newspaper said an increased drive to renewable power adoption was a consequence of energy security concerns following Russia’s invasion of Ukraine in February.
Thermal coal prices have spiked as Russia cut off gas supplies to Europe and has seen its own coal exports sanctioned.
“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,” said IEA executive director Fatih Birol.
Growth in renewable energy installations is expected to be 30% higher than forecast a year ago highlighting how quickly governments have thrown additional policy weight behind renewables, said BusinessLive. As a result, renewables are set to account for more than 90% of global electricity expansion over the next five years, overtaking coal to become the largest source of global electricity by early 2025.
Renewable power capacity added in Europe in 2022-2027 is forecast to be twice as high as in the previous five-year period, driven by a combination of energy security concern and climate ambitions, according to the report.
Beyond Europe, the upward revision in renewable power growth for the next five years is also driven by China, the US and India, which are all implementing policies and introducing regulatory and market reforms quicker than previously planned to combat the energy crisis.