Global installation of renewable energy in the next five years is expected to nearly double that of the previous five years, as the energy crisis has accelerated, the International Energy Agency (IEA) said in its Renewable Energy 2022 report released on Saturday.
The report predicts that between 2022 and 2027, the world will add 2,400 gigawatts of renewable power capacity, accounting for more than 90% of the increase in global power. By early 2025, renewable energy will overtake coal as the world's largest source of electricity.
Iea Executive Director Fatih Birol said the world will add as much renewable energy capacity in the next five years as it did in the previous 20 years combined, a clear indication that the current energy crisis can be a historic turning point in making the global energy system cleaner and safer.
In the next five years, Europe is expected to double the increase of the previous five-year period, China will account for nearly half of the global increase, and the United States and India will also see significant growth in renewable energy capacity, the report predicted.
By type of energy, global photovoltaic capacity will triple and wind capacity will nearly double, which together will account for more than 90 per cent of new global renewable capacity. Global biofuel demand is set to grow by 22 per cent.