A new report by the International Energy Agency (IEA) has shown that the share of renewable energy in global electricity production could exceed coal generation as early as 2024.
Green energy will potentially become the largest source of electricity and for the first time meet one-third of the world's electricity supply, reports Daily Sabah.
Depending on favorable weather conditions, the production of electricity from coal will decline slightly in 2023 and 2024. During this time, RES should satisfy all the additional demand for electricity.
Electricity generation from fossil fuels is expected to quadruple in six years, demonstrating a structural recession. The share of RES in global electricity production was 22% in 2014. According to forecasts, it will reach 33% in 2024, that is, during this period it will grow by 50%.
"Even if renewables don't overtake coal next year, there will be very little difference. In any case, renewables will provide one-third of global electricity production next year," said IEA electricity analyst Eren Kam.
He emphasized that global green power is growing exponentially. This will reduce the need for fossil fuels to generate electricity.
Kam added that production growth should be supported by increased investment in the power grid. Otherwise, it will lead to a delay:
- decarbonization of global energy systems;
- growth of electricity production from renewable sources.
According to IEA forecasts, global investments in energy in 2023 will amount to about $2.8 trillion, of which $1.7 trillion will go to clean energy, namely:
- renewable energy;
- nuclear energy;
- electrical networks;
- energy storage;
- low-emission fuel;
- increasing efficiency;
Earlier, EcoPolitic wrote, that that the report of the International Energy Agency showed that in 2023, investments in solar energy for the first time will exceed the costs of oil production.
As EcoPolitic previously reported, the Statistical Review of World Energy report showed that the record growth of renewable energy sources to 266 GW did not affect the dominance of fossil fuels in 2023.