LONDON: Global renewable power capacity growth is set to double over the next five years, driven by energy security concerns in the wake of Russia’s invasion of Ukraine, the International Energy Agency (IEA) said on Tuesday.
In a report on the outlook for renewables, the IEA said capacity worldwide is expected to grow by 2,400 gigawatts (GW) — equal to the entire power capacity of China today — to 5,640GW by 2027. The increase is 30% higher than the amount of growth forecast a year ago.
High gas and power prices from aglobal energy crisis this year have made renewable power technologies more attractive. Growth is also being driven by the US, China and India implementing policies and reforms to support renewables deployment quicker than planned.
