Shulou(Shulou.com)11/24 Report--

CTOnews.com December 7 news, the International Energy Agency said that there is "unprecedented momentum" behind renewable development. According to the agency's new analysis, renewable energy growth has been "turbocharged" as countries scramble to cope with the global energy crisis triggered by the Russia-Ukraine war. In the next five years alone, global renewable energy generation is expected to match the increase of the past 20 years.

According to a new report from the International Energy Agency (IEA), renewable energy will account for up to 90% of the expansion of electricity capacity in these five years. By 2025, renewable energy is expected to replace coal as the world's largest source of electricity.

Solar and wind power make up the bulk of this expansion. Solar power generation will nearly triple by 2027, while wind power generation will almost double, partly because of falling prices. New large-scale solar and onshore wind farms are now the cheapest way to generate electricity in most parts of the world.

All told, global renewable power generation capacity is projected to grow by 2400 gigawatts over five years, a figure that is about 30 percent higher than the International Energy Agency's forecast a year ago.

"Renewables are already expanding rapidly, but the global energy crisis has pushed them to an extraordinary new stage of growth at an even faster rate," IEA Executive Director Fatih Birol said in a statement. "

CTOnews.com has learned that this year, the European Union broke records for solar and wind power generation. In the United States, Joe Biden launched a drive to build a domestic clean energy supply chain. China also released a plan this year to bring more renewable energy online. According to the International Energy Agency, renewable energy growth in China alone is expected to account for nearly half of the world's renewable energy generation over the next five years.

With all this new solar and wind power, the IEA says, the world still has a chance to limit global warming to 1.5 degrees Celsius above pre-industrial levels. But the window for achieving that goal is closing fast, and the world could pass the critical threshold of 1.5 degrees in just nine years, as greenhouse gas emissions from fossil fuels continue to climb.

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