Solar Power Could Overtake Coal Power in Five Years

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Date: January 20

Renewable energy in general will become the largest source of global electricity generation, according to IEA, with the world adding twice as much renewable capacity between 2022 and 2027 as in the previous five years.

IEA executive director Fatih Birol stated in an interview that countries were not only driving “the expansion of new renewable energy” to meet climate goals, but energy security and the need to “diversify” energy chains. of renewable energy supply away from China have become increasingly important.

The rush to replace the oil and gas that no longer comes from Russia and to create domestic renewable sectors has led to a push for subsidies and incentives to the industry.

Between 2022 and 2027, global renewable energy capacity will increase by 2,400 gigawatts, an amount equivalent to China’s current power capacity. Those are the calculations published by the IEA in its annual report on renewable energy. This is equivalent to 30% more than what was forecast a year ago.

The IEA estimates that the United States and India will lead the diversification into solar power for manufacturing, reducing China’s dominance. Worse China will remain the dominant player, with an estimated 75% market share by 2027, up from 90% today.

Source: Perú Energía 2022

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