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IEA: The global energy crisis has greatly accelerated the growth of renewable energy – yqqlm

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IT House News on December 7th, the International Energy Agency stated that there is an “unprecedented impetus” behind the current renewable development. Growth in renewable energy has been “turbocharged” as countries scramble to deal with the global energy crisis sparked by the Russo-Ukrainian war, according to new analysis by the agency. In just the next five years, global renewable energy generation is projected to grow as much as it has increased over the past 20 years.

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According to a new report from the International Energy Agency (IEA), renewables will account for up to 90% of electricity capacity expansion over the five-year period. By 2025, renewable energy is expected to overtake coal as the world’s largest source of electricity.

Solar and wind make up the vast majority of this expansion.By 2027, solar power will nearly triple and wind power 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.

Altogether, within five years,Global renewable energy generation capacity expected to grow by 2,400 gigawattswhich is about 30% higher than the International Energy Agency’s forecast a year ago.

“Renewable energy sources are already expanding rapidly, but the global energy crisis has pushed them into a remarkable new phase, growing even faster,” IEA Executive Director Fatih Birol said in a statement. “

IT House learned that this year, the European Union’s solar and wind power generation broke records. In the US, Joe Biden has launched an initiative to create 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, China’s renewable energy increment alone is expected to account for nearly half of the world’s renewable energy generation in the next five years.

With all this additional solar and wind power, the world still has a chance of limiting global warming to 1.5 degrees Celsius above pre-industrial levels, the IEA said. But the window to achieve this 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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