IEA Reports Finds Unprecedented Momentum In Renewable Energy Sector

Vladimir Putin, the most monstrous Russian since Rasputin, has done the world an enormous favor by showing us how foolish we are to rely on energy from countries controlled by criminal gangs and lunatics as the basis of our prosperity. Yes, Putin’s unprovoked assault on Ukraine has sent shockwaves through the global economy and will cause much suffering this winter, but according to the

it has also kicked off the most intense expansion of renewable energy in history. In fact, the IEA says the world is to add as much renewable power in the next 5 years as it did in the past 20.

Global renewable power capacity is expected to grow by 400 GW between 2022 and 2027, an amount equal to the entire power capacity of China today, according to the IEA. This massive increase is 30% higher than the amount of growth that was forecast just a year ago, which highlights how quickly governments have thrown additional policy weight behind renewables.

“Renewables were already expanding quickly, but the global energy crisis has kicked them into an extraordinary new phase of even faster growth as countries seek to capitalise on their energy security benefits. The world is set to add as much renewable power in the next 5 years as it did in the previous 20 years,” said IEA executive director Fatih Birol. “This is a clear example of how the current energy crisis can be a historic turning point towards a cleaner and more secure energy system.

The war in Ukraine is a decisive moment for renewables in Europe, where governments and businesses are looking to rapidly replace Russian gas with alternatives. The amount of renewable power capacity added in Europe in the 2022-27 period is forecast to be twice as high as in the previous 5-year period, driven by a combination of energy security concerns and climate ambitions.

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