Renewable energy is set to skyrocket

Construction of solar power plants, wind turbines, and other renewable energy sources will surge over the next five years as countries set stricter climate policies and more ambitious emission targets.

According to a new report from the International Energy Agency, the new renewable power capacity will set another record at 290 gigawatts this year. This is about the equivalent of building nearly 300 reactors or nearly 150 Hoover Dams, despite global supply chain problems, rising material costs, and strict limits.

By 2026, intergovernmental research organizations now predict that global capacity from these carbon-free sources will increase by more than 60% from last year’s levels. That’s about 4,800 gigawatts in total, comparable to all fossil fuels and nuclear power plants in the world today.

In addition, renewable energy will account for 95% of the overall capacity growth of the electricity sector during that period.

Building new wind and solar power plants does not necessarily mean that renewable energy is replacing fossil fuels. This is because the demand for energy is also increasing. And it remains to be seen how quickly carbon-free sources will become the main source of electricity worldwide and quickly replace coal, natural gas, and other sources of pollution.

Currently, renewable energy occupies most of the new capacity under construction, but the amount of electricity generated by source can fluctuate significantly from year to year due to changes in costs, weather conditions, etc. .. However, according to BloombergNEF, power from coal has declined and solar, hydro and wind have increased over the last few years.In fact, these three sources Explained all the growth Last year’s power generation reduced all power output from coal, natural gas and nuclear power plants.

The 2026 IEA estimate is a significant upward revision, more than 40% higher than last year’s forecast. In particular, the agency cited improving the economics of renewable energy, increasing national emission reduction commitments prior to the recent United Nations Climate Change Conference, and domestic development and policy.

Renewable energy is set to skyrocket

Source link Renewable energy is set to skyrocket

Back to top button