The agency said that an expected surge in renewables electricity generation over the next few years signals that the world is close to the tipping point of emissions in the power sector.
In its Electricity Market Report 2023, published on Wednesday the Agency expects significant growth in renewables over the next three years which will raise their share of the global power generation mix from 29 per cent in 2022 to 35 per cent in 2025, while the shares of coal-fired and gas-fired generation will drop.
“As a result, the CO2 intensity of global power generation will continue to decrease in the coming years,” the energy Agency said. China is expected to account for more than 45 per cent of the growth in renewable generation between 2023 and 2025, followed by the EU with a 15 per cent share.The Agency warned, however, that the surge in renewables will have to be accompanied by accelerated investments in grids and flexibility so that clean energy supply can be successfully integrated into the power systems.
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