“Energy security concerns stemming from Russia’s incursion into Ukraine have prompted countries to turn more to renewable sources such as solar and wind,” the IEA said in a renewable energy report released this month.
Between 2022 and 2027, global renewable energy capacity is expected to grow by 2,400 gigawatts, equivalent to China’s current electricity capacity.
Global solar capacity will nearly triple over the next five years, overtaking coal as the world’s largest energy source, the IEA said.
The report’s forecast for capacity additions is 30 percent higher than the growth in renewables the IEA predicted a year ago. More than 90 percent of global electricity expansion will come from renewables over the next five years, the IEA says.
“Renewables were already expanding rapidly, but the global energy crisis has ushered them into an extraordinary new phase of even faster growth,” IEA Executive Director Fatih Birol said in a news release.
The IEA has described the war in Ukraine as a “crucial moment” for renewables in Europe, where governments and companies are looking to replace Russian gas with alternatives.
After the conflict, Germany – a leader in renewable technology but reliant on Russia for the bulk of its oil, natural gas and coal – set a goal of 100 percent renewable energy by 2035 in more than a decade.
The IEA says Europe can deploy wind and solar faster if EU members agree to measures such as streamlining and shortening permit deadlines, improving the design of auctions and providing better visibility into auction schedules, and improving incentives to support rooftop solar.
Outside of Europe, renewable growth is being driven by China, the United States and India — all of which are introducing faster-than-expected regulatory and market reforms to combat the energy crisis. China is expected to generate nearly half of global new energy over the next five years, according to plans released in June as part of its five-year plan.
In the US, the anti-inflation law received new support. The act, passed in August, includes $369 billion in climate and energy-related spending — much of it focused on high-tech solutions to help push the world’s largest historical emitter toward a greener future.
“The current energy crisis could be a historic turning point towards a clean and secure energy system,” Birol said. “Continued acceleration of renewables is critical to keeping the door open to limiting global warming” to 1.5 degrees Celsius.
