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Paris
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.
âEnergy security concerns caused by Russiaâs invasion of Ukraine have motivated countries to increasingly turn to renewables such as solar and wind to reduce reliance on imported fossil fuels,â the IEA said.
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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.
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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.
Biofuel use: India among nations with comprehensive policy framework
The report said that the total global biofuel demand is set to expand by 22 per cent over the 2022-2027 period. "The United States, Canada, Brazil, Indonesia and India make up 80 per cent of the expected global expansion in biofuel use, with all five countries having comprehensive policies to support growth," it said.
âThe current energy crisis can be a historic turning point towards a cleaner and more secure energy system,â IEA Executive Director Fatih Birol said in an official statement. The continued acceleration is significant for global efforts to limit global warming to 1.5 degrees Celsius.
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