The global energy crisis has triggered an unprecedented acceleration in installations of renewable power, reports the International Energy Agency (IEA).

Energy security concerns caused by Russia’s invasion of Ukraine have motivated countries to increasingly turn to renewables such as solar and wind to reduce reliance on imported fossil fuels. Prices of the latter have spiked dramatically.

According to ‘Renewables 2022’, IEA’s latest annual report on the matter, this massive expected increase is 30% higher than the growth forecast just a year ago. It shows how quickly governments have thrown additional policy weight behind renewables.

The report finds that renewables are set to account for over 90% of global electricity expansion over the next five years, overtaking coal to become the largest source of global electricity by early 2025.

War in Ukraine

IEA Executive Director Faith Birol: “This is a clear example of how the current energy crisis can be a historic turning point toward a cleaner and more secure energy system. Renewables’ continued acceleration is critical to help keep the door open to limiting global warming to 1,5°C.”

The war in Ukraine is a decisive moment for renewables in Europe. The amount of renewable power capacity added in Europe in the 2022-27 period is forecast to be twice as high as in the previous five-year period, driven by a combination of energy security concerns and climate ambitions.

Wind and sun

Beyond Europe, the upward revision in renewable power growth for the next five years is also driven by China, the United States, and India, all implementing policies and introducing regulatory and market reforms more quickly than previously planned to combat the energy crisis.

Global solar PV capacity is set to almost triple over the 2022-2027 period, surpassing coal and becoming the world’s largest source of power capacity. Global wind capacity almost doubles in the forecast period, with offshore projects accounting for one-fifth of the growth. Together, wind and solar will account for over 90% of the renewable power capacity that is added over the next five years.

Global warming

The accelerated renewables growth would move the world closer to a pathway consistent with reaching net zero emissions by 2050, which offers an even chance of limiting global warming to 1,5°C.