Paris — The International Energy Agency (IEA) says the global energy price crisis prompted by the war in Ukraine is leading to a drastic acceleration in the development of renewable energy.
According to a new IEA study, total capacity of renewables will almost double worldwide in the next five years, replacing coal as the largest source of electricity generation.
This means that the goal of limiting global warming to 1.5 degrees Celcius remains achievable, the agency said in Paris on Tuesday.
The expected growth of renewable energies is 30% higher than forecast a year ago.
Energy security concerns triggered by Russia's invasion of Ukraine have prompted countries to turn more to renewable energies such as solar and wind power, with the aim of reducing dependence on imported fossil fuels.
Meanwhile, fossil fuel prices have skyrocketed, providing a further economic incentive to switch.
"Russia’s invasion of Ukraine is a turning point for renewables in Europe," the report said.
Between 2022 and 2027, the IEA expects global renewable power generation capacity to increase by 2,400 gigawatts (GW), equivalent to China's total power generation capacity.
Together, wind and solar will account for more than 90% of the renewable energy capacity added over the next five years, the IEA said.
Beyond Europe, China, the US and India are driving the expansion of renewable energy, all of which are implementing policies and introducing regulatory and market reforms to combat the energy crisis faster than originally planned, the report said.
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