According to the Paris-based entity, given concerns about energy security caused by the invasion of Ukraine, several countries have accelerated energy transition processes, investing heavily in installing solar and wind capacity. Thus, global renewable energy capacity is expected to grow by 2,400 gigawatts (GW) over the period 2022-2027, an amount equivalent to China's total energy capacity today, according to the Renewables 2022 report.
Global solar photovoltaic capacity is expected to triple over the period 2022-2027, overtaking coal as the largest global source of electricity as early as 2025. Global wind capacity will nearly double over the same period, with offshore projects accounting for a fifth of growth. Together, wind and solar will account for more than 90% of renewable energy capacity added over the next five years.
Fatih Birol, executive director of the IEA, underlines that the commitment to renewable energies has now entered “a new phase of even faster growth” at a time when “a historic turning point is being crossed towards a cleaner and safer energy system”. In addition to the commitment to ensuring greater energy security, Birol points out that “green” energies are “fundamental to help keep the door open to limit global warming to 1.5 °C”.
In order to achieve the estimated estimate, the AIE recommends that the Member States of the European Union also speed up the implementation of policies that make it possible to simplify and reduce licensing deadlines, and improve auctions, namely in terms of the distribution of tasks and schedules, as well as how to encourage programs to encourage the installation of solar panels on residential and commercial roofs.