Solar power generation will triple in the next five years, becoming the third largest source of renewable energy generation
According to the latest report of the International Energy Agency, in the next five years, more than one trillion watts of clean energy installed capacity can be installed worldwide, exceeding the current total power generation in the EU.
The IEA's latest annual report on renewable energy predicts that by 2023, 1.3 terawatts (1.3 trillion watts) of clean energy installed capacity will be added in one scenario. Even in more conservative scenarios, the agency predicts that global renewable energy capacity will increase by 1 terawatt, mainly due to the booming solar installations and more relaxed government policies.
The positive development prospects for clean energy are also accompanied by warnings that government support and market design are critical to ensuring continued investment and construction of renewable energy.
According to the IEA, energy from solar, wind and hydro energy will continue to outpace natural gas and coal in the next five years. The natural gas power generation market will be squeezed by cheap coal and more competitive solar and wind technologies.
Although renewable energy will increase its share of the global power mix to 30% by 2023, Asia's growing coal power generation means that the dirtiest fossil fuels will remain the world's largest source of electricity.
It is expected that hydropower is expected to grow by 12% in the next five years and continue to be the largest renewable energy source by 2023. Wind power production is expected to increase by 2/3 to 7%. Solar power generation has tripled, surpassing bioenergy and becoming the third largest source of renewable energy.
According to the IEA,Chinawill be responsible for 41% of global renewable energy growth, 438 GW of clean energy, and become the world's largest consumer of green energy, surpassing the EU. By 2023, nearly half ofBrazil's total electricity consumption will come from renewable sources, a large part of which comes from hydropower and bioenergy.
The IEA focuses on “modern bioenergy” and calls it the “blind spot” of the renewable energy world, even though it accounts for half of all clean energy consumed in 2017. Most modern bioenergy sources, including plant-derived liquid fuels, anaerobic gas digestion and wood pellets, are used to heat industrial buildings. It does not include traditional bioenergy, it comes from biomass such as wood and animal waste.
“Modern bioenergy is a neglected giant in the field of renewable energy,” said Fatih Birol, executive director of IEA. “We expect modern bioenergy to continue to lead the field and have great prospects for further growth.”
According to the IEA, only bioenergy that reduces life cycle greenhouse gas emissions while avoiding social, environmental and economic impacts can play a future role in clean energy systems.
After three years of small changes, carbon dioxide emissions from global energy use increased by 1.6% in 2017. Coal currently accounts for about 27% of the world's energy needs. According to the International Energy Agency's 2017 World Energy Outlook, this ratio may fall to around 22% in 2040, as governments are adopting cleaner energy policies. The agency's next global report will be released in November.