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Global renewable electricity supply is growing faster than expected, and renewable energy supply could grow by 50%
over the next five years, driven by a solar recovery.
The Global Energy Transition Report released today by the International Energy Agency (IEA) revealed that solar, wind and hydroelectric power projects will grow
at the fastest rate in recent years during the forecast period.
Its latest report predicts that the new dawn of cost-effective solar will increase the world's solar capacity by 600GW by 2024, almost double Japan's total installed electricity capacity
.
Overall, renewable energy generation is expected to grow by 1,200GW over the next five years, equivalent to the total generation capacity
of the United States.
Fatih Birol, executive director of the IEA, said: "This is a pivotal moment
for renewable energy.
"Technologies such as solar photovoltaic (PV) and wind energy are at the heart of the transformation of the global energy system, and increasing deployment is critical
in efforts to address greenhouse gas emissions, reduce air pollution, and expand energy access.
"
The Guardian newspaper reported earlier this month that the renewable energy revolution could end the world's growing demand for oil and coal in the 21st 2020s, decades ahead of oil and mining companies
' forecasts.
Today, renewables account for 26% of global electricity, but according to IEA forecasts, the share of renewables will reach 30%
by 2024.
However, Fatih Birol warned that the role of renewables in the global energy system will need to be further enhanced
if the world wants to meet its climate goals.
Solar will play the biggest role in driving new growth in renewable energy globally, as cost reductions in most countries are already below retail electricity prices
, the report said.
Solar power costs are expected to fall by a further 15% to 35% by 2024, spurring further growth
over the next five years.
Demand from energy-hungry businesses and factories is expected to be the biggest driver of the solar boom as business leaders look to help cut energy bills
by taking advantage of falling costs.
However, the number of home solar panels is also expected to more than double to about 100 million rooftop solar installations by 2024, with the largest increases per capita in Australia, Belgium, California, the Netherlands and Austria
.
Even after the "phenomenal" growth of solar over the next five years, panels will still cover only 6% of the world's available rooftops, leaving room for further growth
.
"Renewable energy is already the second largest source of electricity in the world, but deployment of renewable energy still needs to accelerate
if we are to meet long-term climate, air quality and energy access goals," Birol said.
”
Global renewable electricity supply is growing faster than expected, and renewable energy supply could grow by 50%
over the next five years, driven by a solar recovery.
The Global Energy Transition Report released today by the International Energy Agency (IEA) revealed that solar, wind and hydroelectric power projects will grow
at the fastest rate in recent years during the forecast period.
Its latest report predicts that the new dawn of cost-effective solar will increase the world's solar capacity by 600GW by 2024, almost double Japan's total installed electricity capacity
.
Overall, renewable energy generation is expected to grow by 1,200GW over the next five years, equivalent to the total generation capacity
of the United States.
Fatih Birol, executive director of the IEA, said: "This is a pivotal moment
for renewable energy.
"Technologies such as solar photovoltaic (PV) and wind energy are at the heart of the transformation of the global energy system, and increasing deployment is critical
in efforts to address greenhouse gas emissions, reduce air pollution, and expand energy access.
"
The Guardian newspaper reported earlier this month that the renewable energy revolution could end the world's growing demand for oil and coal in the 21st 2020s, decades ahead of oil and mining companies
' forecasts.
Today, renewables account for 26% of global electricity, but according to IEA forecasts, the share of renewables will reach 30%
by 2024.
However, Fatih Birol warned that the role of renewables in the global energy system will need to be further enhanced
if the world wants to meet its climate goals.
Solar will play the biggest role in driving new growth in renewable energy globally, as cost reductions in most countries are already below retail electricity prices
, the report said.
Solar power costs are expected to fall by a further 15% to 35% by 2024, spurring further growth
over the next five years.
Demand from energy-hungry businesses and factories is expected to be the biggest driver of the solar boom as business leaders look to help cut energy bills
by taking advantage of falling costs.
However, the number of home solar panels is also expected to more than double to about 100 million rooftop solar installations by 2024, with the largest increases per capita in Australia, Belgium, California, the Netherlands and Austria
.
Even after the "phenomenal" growth of solar over the next five years, panels will still cover only 6% of the world's available rooftops, leaving room for further growth
.
"Renewable energy is already the second largest source of electricity in the world, but deployment of renewable energy still needs to accelerate
if we are to meet long-term climate, air quality and energy access goals," Birol said.
”
