IEA: Renewable Energy to Boom by 50% in 5 Years

Due to the growth of renewables worldwide, renewable energy to boom by at least 50% in five years. The improvement will also be largely driven by the resurgence in solar energy.

In its latest report, the International Energy Agency (IEA) found renewable energy to boom. This includes solar, wind, and hydropower projects emerging at their fastest rate in four years.

Solar Power to Jumpstart Growth in Global Renewable Energy

The report anticipates that by the year 2024, inexpensive solar power could drive worldwide solar capacity by 600 gigawatts. Renewable electricity is forecasted to increase by 1,200 gigawatts in the next five years, the same total electricity capacity of the United States.

Fatih Birol, the Executive Director of IEA, stated, “This is a pivotal time for renewable energy. Technologies such as solar photovoltaics and wind are at the heart of transformations taking place across the global energy system. Their increasing deployment is crucial for efforts to tackle greenhouse gas emissions, reduce air pollution, and expand energy access.”

The Guardian previously reported that a renewable energy revolution could end the rising demand for coal and oil. To date, renewable energy sources make up 26 percent of electricity globally. However, IEA said renewables would to reach 30 percent by 2024.

Birol added that renewables in the global energy system need to grow more quickly to meet climate targets. Solar power will play a big role in improving renewable energy. Its price is already falling below retail electricity prices in various countries. The price of solar power will further decline by 15 to 35 percent by 2024.

The article reported, “Even after the “spectacular” growth expected for solar over the next five years, panels will cover only 6 percent of the world’s available rooftops, leaving room for further growth.”

Birol added, “Renewables are already the world’s second-largest source of electricity, but their deployment still needs to accelerate if we are to achieve long-term climate, air quality, and energy access goals.”

Phillip Riley

As renewables continue to show a strong presence in the society and economy, more and more renewable energy careers are sure to open. To know more about how Phillip Riley can help you enhance your recruiting and staffing strategies in this sector, reach out to Phillip Riley’s Director of Americas, Meredith Fuselier at [email protected] or visit www.philliprileyus.com

Leave a comment