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09.10.2018 10:03
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According to the latest annual report by the International Energy Agency on renewables forecasts an extra 1.3 terawatts of clean energy could be installed by 2023. Even in its more conservative central forecast, the agency predicts that global renewable energy capacity will grow by 1 terawatt, driven by a boom in solar installations and more accommodating government policy, Bloomberg reports.
However, the positive outlook comes with a warning that government support and market design is critical to ensuring that renewables continue to grow.
Energy from solar, wind and hydro will continue to outpace natural gas and coal over the next five years, the IEA says. Generation from natural gas will be squeezed by cheap coal and ever more competitive solar and wind technologies.
Despite renewable energy expanding its share of global electricity output to 30 percent by 2023, growing coal generation in Asia means that the dirtiest fossil fuel will remain the largest source of power in the world.
Hydropower is forecast to increase 12% over the next five years and will still be the largest renewable electricity generation source by 2023. Wind output is expected to increase its share by two-thirds to 7%. Solar power is seen tripling, overtaking bioenergy to become the third-largest source of renewable energy.
Additionally, according to the report China will be responsible for 41% of global renewable growth, adding 438 gigawatts of clean energy to become the largest consumer of green energy in the world, overtaking the EU, the IEA said. Almost half of Brazil’s total power consumption will come from renewables by 2023, in large part down to hydro and bioenergy.
“Modern bioenergy is the overlooked giant of the renewable energy field,” said Fatih Birol, the IEA’s executive director. “We expect modern bioenergy will continue to lead the field, and has huge prospects for further growth.”
Only bioenergy that reduces life-cycle greenhouse gas emissions while avoiding social, environmental, and economic impacts should have a future role in a clean energy system, the IEA said.
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