Newest Numbers Show New Energy Wins By 2024

IEA: Wind and solar capacity will overtake both gas and coal globally by 2024

10 November 2020 (CarbonBrief)

“…Wind and solar capacity will double over the next five years globally…[and the IEA’s Renewables 2020 report forecasts the 1,123 gigawatt (GW) increase in wind and solar would] overtake gas capacity in 2023 and coal in 2024…Renewables are set to dominate the construction of new power infrastructure in the coming years as costs continue to fall…

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In its main case, the IEA has wind, solar, hydro and other renewable sources accounting for 95% of the increase in the world’s electricity generating capacity over the next five years…[Solar capacity] is set to be the key driver of this trend…In the new report’s main scenario, 130GW of solar will be added each year between 2023-2025 and this rises to 165GW in the accelerated scenario, which would account for nearly 60% of the total renewable expansion across this period…Wind is also expected to expand considerably…

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…[Together,] wind and solar capacity is set to double between 2020 and 2025…This increase in capacity means renewable generation will expand by almost 50% over the next five years, pushing their share of electricity generation to a third…[and] ending coal’s five decades as the top power provider…As power demand goes up around the world to accommodate economic growth and increasingly electrified societies, the IEA expects renewables to meet…99% of the increase in electricity demand over the next five years…” click here for more

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