IEA Report: Renewable Energy Expected To Grow Massively By 2023

Earlier this week, the Intergovenmental Panel on Climate Change has released a report that predicted our planet will be facing an unprecedented climate disaster in the next decade, unless we change our ways, fast.

Meanwhile, the International Energy Agency (IEA) paints a brighter picture and predicts that we will see a massive growth in clean energy in the next five years, as long as the policies and regulations concerning it are acted upon as soon as possible. while also giving the companies and the investors the confidence to invest in clean energy.

In the report, the IEA predicts that renewable energy sources will account for 12.4% of the total global energy demand, and not only for electricity. In 2017, renewable energy accounted for half of the increase in new electricity generation, which is a good sign because it shows that adoption of wind and solar energy sources is slowly gaining traction.

Solar power is the one the IEA expects to see the most development out of: by 2023 it’s expected to grow by 600 gigawatts, after it has already gained 97 gigawatts just last year. To give you something to compare it to, that 600 GW is around twice the size of the entire capacity of Japan.

There is also bioenergy, which includes gas from anaerobic digestion and wood pellets as well as plant-based fuels – it is currently an energy source that is growing steadily and has a solid future ahead of it. But it’s in wind and solar power where the IEA’s hopes rest, with wind power set to become the second biggest contributor to the new era of clean electric power.

China is already a huge consumer of renewable energy and, by 2023 it is expected to surpass the European Union. China has set in place strong policies that aim at decarbonizing the energy sector and cutting down the country’s extremely high pollution levels.

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