Renewables set to see growth accelerate

Global renewable energy capacity is set to see stronger growth in the years ahead as the Hormuz crisis sharpens focus on domestic energy sources.

The International Energy Agency forecasts global renewable power capacity increasing by almost 4 800 gigawatts (GW) in the 2026-2031 period, almost 60% more than was added in the previous six-year period. Solar PV is set to account for more than three-quarters of global renewable capacity growth to 2031, followed by onshore wind.

For the first time, the amount of renewable power capacity added in emerging and developing economies outside China is expected to match the amount added in advanced economies in the forecast period.

IEA Executive Director Fatih Birol said energy security has replaced environmental concerns as the policy priority behind the growth of renewables.

“The new chapter of the renewables growth story is a truly global one as their deployment spreads well beyond major markets into every corner of the world. This is making them a key pillar of the global power sector.”