The global energy crisis is driving a sharp acceleration in installations of renewable power, with total capacity growth worldwide set to almost double in the next five years, according to a new report from the IEA.
Renewable power is overtaking coal as the largest source of electricity generation by 2025 and helping “keep alive” the possibility of limiting global warming to 1.5°C, the IEA said in its Renewables 2022 edition.
Energy security concerns caused by Russia’s invasion of Ukraine have motivated countries to increasingly turn to renewables such as solar and wind to reduce reliance on imported fossil fuels, whose prices have spiked dramatically.
Global renewable power capacity is now expected to grow by 2400GW over the 2022-2027 period, an amount equal to the entire power capacity of China today, Renewables 2022 found.
This expected increase is 30% higher than the amount of growth that was forecast just a year ago, highlighting how quickly governments have thrown additional policy weight behind renewables.
The report sees emerging signs of diversification in global solar PV supply chains, with new policies in the United States and India expected to boost investment in solar manufacturing by as much as $25bn over the 2022-2027 period.