The International Energy Agency has said that as the energy crisis aggravated by the Russia-Ukraine war has seen a global push towards renewable sources of energy such as wind and solar, renewable sources of energy have now been forecasted to overtake coal as the largest source of electricity generation worldwide by early 2025.
The recent forecast by IEA holds remarkable significance to keeping alive the global goal of limiting Earth’s warming temperatures to 1.5 degrees Celsius as the agency also said that the world is set to add as much renewable energy in the next five years as it did in the last twenty years.
The report showed optimism in terms of “diversification in global Photo Voltaic (PV) supply chains”, with new policies in the United States and India expected to boost investment in solar manufacturing by as much as USD 25 billion over the 2022-2027 period and China is expected to maintain its dominance in PV manufacturing albeit it could see its share decrease from 90 per cent today to 75 per cent by 2027.
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The report also said that the total global biofuel demand is set to expand by 22 per cent over the 2022-2027 period and the United States, Canada, Brazil, Indonesia and India will make up 80 per cent of the expected global expansion in biofuel use, with all five countries having comprehensive policies to support growth.
“The current energy crisis can be a historic turning point towards a cleaner and more secure energy system,” IEA Executive Director Fatih Birol said in an official statement. The continued acceleration is significant for global efforts to limit global warming to 1.5 degrees Celsius.
Story was adapted from Wion.
