The world could install more than a trillion watts of renewable power over the next five years, more than the entire current generation capacity of the European Union.
The International Energy Agency’s latest annual report on renewables forecasts as much as an extra 1.3 terawatts of clean energy will be installed by 2023 under one scenario. 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.
The positive outlook for clean energy comes with a warning that government support and market design is critical to ensuring that renewables continue to be invested in and built.
Energy from solar, wind and hydro will continue to outpace natural gas and coal over the next five years, the IEA said. Generation from natural gas will be squeezed by cheap coal and ever more competitive solar and wind technologies.
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