A new report shows that analysts are getting much more bullish about renewables.
The International Energy Agency just published its largest-ever upward revision of renewable power forecasts. It sees an additional 2,400 gigawatts of capacity coming online worldwide over the next half-decade. This is really significant as that forecast is nearly a whopping 30 percent higher than last year's edition of the IEA's rolling 5-year projections.
The agency now sees renewables surpassing coal as the largest source of global power generation by 2025, reports Axios. Largely because the global energy crisis triggered by Russia's invasion of Ukraine is bringing "unprecedented" renewables momentum. It's remarkable that it took a war criminal to massively accelerate the world's shift to renewables!
"Fossil fuel supply disruptions have underlined the energy security benefits of domestically generated renewable electricity, leading many countries to strengthen policies supporting renewables," IEA said. More expensive fossil fuels also tilt the playing field toward solar and wind.
The IEA 2022 forecast compared to 2021 forecast, by region, shows increases of:
Forecasters have a history of underestimating the future growth in renewables (and EV adoption), so it's not unreasonable to be optimistic that we may be in for more good news in next year's rolling forecast from the IEA.
At Last, US EV Sales Projected to Go Into Overdrive: This, of course, is very good news as North America has the highest emissions from transportation globally and has been alarmingly slow off the mark in switching to electric vehicles, according to a new study from BloombergNEF. Read on...