IEA updates its forecast on global renewables deployment by 2025

Economy Materials 9 February 2023 18:11 (UTC +04:00)
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, February 9. The share of renewables in the world electricity generation mix is expected to increase from 29 to 35 percent in 2025, Trend reports via the latest electricity market update from the International Energy Agency (IEA).

Projections for 2023-2025 show that renewable energy production will increase more than all other sources combined, with an annual increase of more than 9 percent, thus, by 2025, renewables will account for more than a third of global electricity generation.

"In 2022, renewables saw a year-on-year rise of 5.7 percent, making up almost 30 percent of the generation mix. A surge in renewable generation in the Asia Pacific region accounted for more than half of the increase, followed by Americas," the IEA noted.

According to the agency, the combined power of renewable energy sources (wind and solar ЗМ) continued to grow significantly, increasing by almost 18 percent. This is approximately 300 GW of additional installed capacity for variable renewable energy sources, which exceeds the current combined wind and solar PV capacity in the US (approximately 280 GW).

Meanwhile, global renewable energy capacity is expected to increase by almost 2,400 GW (almost 75 percent) from 2022 through 2027, the IEA said in its report.

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.