New Energy To Lead Global Power By 2026

Renewables will be world’s top electricity source within three years, IEA data reveals

Simon Evans, February 9, 2023 (World Economic Forum)

“…[Analysis of the International Energy Agency (IEA) electricity market report 2023 shows that renewables, combined with resurgent nuclear power, will more than cover growth in electricity demand between 2022 and 2025…This means clean-energy sources will start displacing fossil fuels…[and] global power-sector carbon dioxide (CO2) emissions will plateau or decline, despite rapidly rising demand…[G]lobal GDP growth projections have been revised down for almost every country due to the energy crisis, with the UK taking a particularly big hit…

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…[But] global electricity demand growth will rebound strongly in 2023…[and] 2,500 terawatt hours (TWh) of demand will be added by 2025, predominantly in Asia…This 9% growth would take overall demand to 29,281TWh. It is equivalent to adding an EU-sized chunk of demand to the global electricity system – in only three years…By 2025, China will account for a third of global electricity demand, up from 5% in 1990 and 25% in 2015…[But renewables and nuclear energy] will dominate the growth of global electricity supply over the next three years, together meeting on average more than 90% of the additional demand…squeezing out fossil fuels in the process…

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Renewables would increase their share of global electricity generation from 29% to 35% within just three years…[P]ower-sector emissions reached a record high in 2022…[and remain at – or only slightly below – their record high for the next few years…This points to the need for increasing demand-side flexibility from customers and expanding storage capacity…[and other] ‘dispatchable’ capacity…” click here for more

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