IEA: renewable energies will represent a 95% growth in electricity production by 2026


Emmanuel Addeh in Abuja
The International Energy Agency (IEA) has said that renewables will account for around 95% of the growth in global power generation capacity through the end of 2026 despite the Covid-19 pandemic and the rise of raw material costs around the world.

The organization said around 290 GW of new renewable power generation capacity, mostly in the form of wind turbines and solar panels, had been installed around the world this year, breaking the previous record from last year. .

“On current trends, the capacity for renewable energy generation will exceed that of fossil fuels and nuclear power combined by 2026,” the IEA said.

New climate and energy policies in many countries around the world have spurred growth, with many governments setting higher ambitions for reducing greenhouse gas emissions ahead of and during the United Nations Cop26 climate summit. in Glasgow last month.
However, this level of growth is still only about half of that required to achieve net zero carbon emissions by mid-century.
IEA Executive Director Fatih Birol said the massive growth in non-hydrocarbon energy sources speaks to the possibility of promoting a carbon-free world.

“The record renewable energy additions this year are another sign that a new global energy economy is emerging. The high prices of raw materials and energy that we are seeing today pose new challenges for the renewable energy industry, but the high prices of fossil fuels also make renewables even more competitive, ”he said. he declares.

Renewable energy will account for around 95% of the increase in global power generation capacity by the end of 2026, according to the IEA report, with solar power alone providing around half of that. increase.

Lead author of the report, Heymi Bahar, said commodity prices were not the main obstacles to growth, however.
He added that wind and solar would still be cheaper than fossil fuels in most regions, saying obtaining a permit was the main obstacle to new wind energy projects around the world as Policy measures were needed to expand the use of solar energy for consumers and industry.

Birol said the rapid expansion of renewables in China suggested the country could peak in emissions “well before 2030”.
India, the world’s third-largest emitter, has also seen strong growth in its renewable energy capacity over the past year, but its target – set at Cop26 – of reaching net zero by 2070 is also considered too weak by many.

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