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IEA updates forecast on global renewable capacity additions by 2027

Economy Materials 6 December 2022 15:15 (UTC +04:00)
IEA updates forecast on global renewable capacity additions by 2027
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, December 6. Global renewable energy capacity is expected to increase by almost 2,400 GW (almost 75 percent) from 2022 through 2027, the International Energy Agency (IEA) said, Trend reports via the latest Renewables 2022 publication from the Agency.

This year’s forecast has been revised upwards by almost 30 percent from last year’s, despite energy market turbulence, mainly because China, Europe, the US, and India are carrying out the existing policies, regulatory and market reforms, and new policies in order to combat the energy crisis faster than expected.

According to the outlook, globally, the pace of renewable capacity expansion over the forecast period in the main case needs to increase 60 percent to be in line with the IEA Net Zero by 2050 Scenario.

"In the accelerated case, however, growth in the next five years (under policies that address challenges and faster implementation of countries’ existing plans) narrows the gap for renewable electricity growth needed to achieve net zero emissions by 2050," the report noted.

Meanwhile, the IEA expects annual additions in renewable capacities to ramp up in 2022, ranging from 350 GW in the main case to 400 GW in the accelerated case, with solar PV and wind accounting for almost 90 percent of all new renewable energy installations.

"Achieving the higher level of additions this year will mostly depend on the pace of commissioning for utility-scale and distributed PV projects in China and the EU. Annual renewable capacity additions are forecast to increase continuously over the forecast period, reaching a record 460 GW in 2027 in the main case, 60 percent higher than last year's growth. At the end of the forecast period, solar PV and wind provide the vast majority of global renewable capacity additions in 2027, accounting for nearly 95 percent as technology-specific challenges and limited policy support hamper faster expansion of hydropower, bioenergy, geothermal, CSP and ocean technologies," the report added.

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