The International Energy Agency (IEA) expects renewable energy capacity to expand significantly faster over the next five years. In a new report, the IEA cited Russia’s invasion of the Ukraine as driving “unprecedented momentum” for renewables adoption, with renewable electricity offering energy security benefits urgently needed following fossil fuel supply disruption for the majority of this year. The IEA predicted that renewables capacity will grow by almost 2,400 gigawatts by 2027 – the equivalent of the entire installed power capacity of China today. That’s an 85% acceleration from the previous five years, and almost 30% higher than what was forecast in last year’s report, marking IEA’s largest ever upward revision in renewable capacity expansion. This rate would see the world add as much renewable power in the next five years as it did in the previous two decades. Renewables are set to account for more than 90% of global electricity capacity expansion over the forecast period, with the upward revision mainly set to be driven by China, the EU, the US and India. Renewables became the largest source of global electricity generation by early 2025, surpassing coal. Solar photovoltaics installed power capacity is also projected to surpass that of coal by 2027, becoming the world’s leading energy source, with cumulative solar PV capacity almost tripling in IEA’s forecast.
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— International Energy Agency (@IEA) December 6, 2022