Higher fossil energy prices and concerns about energy supply disruptions are driving the acceleration of wind, solar and other renewables, the International Energy Agency says
The global energy crisis sparked by Russia’s war in Ukraine has “sparked unprecedented momentum” for renewable energy, according to a report Tuesday from the International Energy Agency.
The shift “is a clear example of how the current energy crisis can be a historic turning point towards a cleaner and more secure energy system,” said Fatih Birol, executive director at IEA, in a statement. “Even if fossil energy prices were to fall, Europe would remain exposed to a need for import, paired with price volatility. Europe will therefore continue to have a structural interest to electrify and increase its reliance on domestically produced renewable energy,” Cazzola said in an email.
Solar remains the most economic option for new electricity generation in most of the world, according to the report. Solar alone makes up over 60 percent of the projected expansion of renewable energy capacity annually over the next five years, and is expected to outpace coal in terms of installations by 2027, IEA said.
The world could speed up renewables’ growth further by taking steps to expand grid infrastructure, addressing policy uncertainty, and permitting challenges and securing financing for projects in developing countries, the report said.
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