The International Energy Agency on Tuesday said that global renewable power capacity is set to double over the next five years, driven by energy security concerns amid the war in Eastern Europe.
In its annual report on the global outlook for renewable energy, the agency said the capacity worldwide is expected to grow by 2,400 gigawatts (GW) – equal to the entire power capacity of China today – to 5,640 GW by 2027.
The new forecast is about 30% higher than last year’s forecast. As a result of the war in Ukraine and subsequent higher gas prices this year, renewable power technologies have become more attractive.
The report also said that growth in renewables is being driven by the United States, China, and India because of their implementing policies and market reforms.
It added that renewables are set to account for over 90% of global electricity expansion over the next five years and will overtake coal to become the largest source of global electricity by early 2025.
Segment-wise, the report estimated global solar photovoltaic capacity to almost triple by 2027 to become the largest source of power capacity in the world and wind capacity to nearly double.
The report also estimated biofuels demand to increase by 22% by 2027.
