Global supplies of renewable electricity are growing faster than expected and could expand by 50% in the next five years, powered by a resurgence in solar energy.
The International Energy Agency (IEA) found that solar, wind and hydropower projects are rolling out at their fastest rate in four years.
“This is a pivotal time for renewable energy,” said the IEA’s executive director, Fatih Birol.“ Technologies such as solar photovoltaics (PV) and wind are at the heart of transformations taking place across the global energy system. Their increasing deployment is crucial for efforts to tackle greenhouse gas emissions, reduce air pollution, and expand energy access.”
The Guardian reported earlier this month that a renewable energy revolution could end the world’s rising demand for oil and coal in the 2020s, decades ahead of forecasts from oil and mining companies.
The report said growing climate ambitions in the European Union and the US played the biggest role in driving the IEA’s forecasts higher, but it will be China which leads the way in rolling out wind and solar energy projects.