NewEnergyNews: Newest Numbers Show New Energy Wins By 2024

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    Friday, November 13, 2020

    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…

    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…

    …[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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