International Energy Agency: Fuel Market Disruptions Drive Renewable Energy Growth
The International Energy Agency (IEA) said renewable energy sources, led by solar power, will see strong growth in emerging and developing countries in the coming years, driven mainly by the need to strengthen energy security and reduce reliance on fuels amid disruptions in global energy markets.
In a report released today titled “Renewables 2026,” the IEA said energy security has become the main driver of renewable energy expansion, after environmental concerns had previously been the policy priority behind their development. It noted that falling costs have made renewables a competitive option in many markets.
Fatih Birol, Executive Director of the IEA, said renewables currently account for around one-third of global electricity generation and forecast that the share would approach half over the next five years as deployment expands worldwide.
The agency said countries are also seeking to reduce their exposure to energy price volatility, leading to increased policy support for renewables in India, Southeast Asia, Africa and the Middle East, as the world faces unprecedented disruption in global energy markets since the outbreak of the war in the Middle East at the end of last February.
It added that higher fuel prices and unreliable electricity supply in some regions are increasingly pushing households and small businesses to rely on rooftop solar photovoltaic systems because of their low cost and rapid installation.
The IEA forecast global renewable capacity to rise by about 4,800 gigawatts between 2026 and 2031, nearly 60 percent more than the capacity added over the previous six years.
Source: QNA
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