Renewables to beat coal as top energy source: IEA

Renewable sources of energy are forecasted to overtake coal as the largest source of electricity generation worldwide by early 2025, Paris-headquartered International Energy Agency said. The forecast holds remarkable significance to keep alive the global goal of limiting Earth’s warming temperatures to 1.5 degrees Celsius.

The agency also said that the world is set to add as much renewable energy in the next five years as it did in the last twenty years. It added that the war in Ukraine has pushed forward the growth in renewables such as solar and wind.

The report showed optimism in terms of “diversification in global Photo Voltaic (PV) supply chains”, with new policies in the United States and India expected to boost investment in solar manufacturing by as much as USD 25 billion over the 2022-2027 period.

China is expected to maintain its dominance in PV manufacturing but its share could decrease from 90 per cent today to 75 per cent by 2027, it added.