Global renewable power capacity is expected to double over the next five years primarily driven by energy security concerns caused by Russia’s invasion of Ukraine, according to the International Energy Agency. In its annual report on the outlook of renewables, the organization noted that the capacity of renewables globally is expected to grow by 2,400 gigawatts over the 2022-2027 period, an amount equal to the entire power capacity of China today. According to the report, Europe is leading the energy transition from the front as EU nations are looking to rapidly replace Russian gas with alternatives post the conflict in Ukraine. The report added that countries like China, US and India are implementing policies and introducing regulatory and market reforms to combat a possible energy crisis.
- Global renewable capacity to double over next 5 years as energy crisis deepens: IEA