Renewables will be world’s largest electricity source within 3 years
Renewables will cover all growth in electricity supply over the next three years, overtaking oil, gas and coal to become the biggest power source in 2025.
The news comes from a new report from the International Energy Agency (IEA) which predicts the global electricity share of renewables to grow from 29% to 35%. This significant growth means renewables, combined with nuclear, will cover all new electricity demand, allowing global energy emissions to plateau. As world electricity demand is set to grow by an average of 3% over the next three years, this growth in renewable energy should limit the environmental impact of this.
‘The world’s growing demand for electricity is set to accelerate, adding more than double Japan’s current electricity consumption over the next three years,’ said IEA Executive Director. ‘The good news is that renewables and nuclear power are growing quickly enough to meet almost all this additional appetite, suggesting we are close to a tipping point for power sector emissions. Governments now need to enable low-emissions sources to grow even faster and drive down emissions so that the world can ensure secure electricity supplies while reaching climate goals.’
Significant growth in renewables in Asia
According to the report, electricity growth is set to be concentrated in Asia, with China, India and Southeast Asia accounting for 70% of this growth. This is where much of the growth in renewables is also taking place, as China is predicted to see a 45% growth in renewable generation up to 2025. More than half of the growth in nuclear generation is also set to come from China, India, Japan and Korea, allowing for a 302TWh increase in nuclear by 2025.
This positive news follows a recently published report saying that a record amount of renewable energy was generated in the UK in 2022. These two reports show that renewable energy is finally being taken seriously and is taking over from fossil fuels once and for all.