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Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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IEA: The Energy Crisis Will Accelerate Renewable Power Growth

  • According to the IEA, the renewable energy industry has entered a new phase of even faster growth as countries pursue energy security.
  • The high price of fossil fuels has made renewables more attractive, with the world set to add as much renewable power in the next five years as it did in the previous 20.
  • Despite warnings of a looming shortage in key metals, the IEA projects that renewables will be the world’s largest source of electricity by 2025.

The new drive for energy security prompted by the fossil fuel price crisis will accelerate the development of renewable energy, the International Energy Agency has said in a new report.

“Renewables were already expanding quickly, but the global energy crisis has kicked them into an extraordinary new phase of even faster growth as countries seek to capitalise on their energy security benefits,” IEA head Fatih Birol said in comments on the report, titled Renewables 2022.

“The world is set to add as much renewable power in the next 5 years as it did in the previous 20 years,” Birol also said, despite warnings from the mining industry that there are looming shortages of key metals such as copper, without which the energy transition will slow down.

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As a result of these developments, the International Energy Agency now expects global renewable power capacity to expand by 2,400 GW between 2022 and 2027. The amount is equal to China’s total power generation capacity to date, the IEA noted.

The above projection represents a 30-percent increase on last year’s renewable power additions forecast by the IEA, “highlighting how quickly governments have thrown additional policy weight behind renewables.”

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The report also said that renewables will account for as much as 90 percent of power generation capacity expansion in the five-year period under review, and will replace coal as the world’s largest source of electricity by 2025.

Europe is seen doing particularly well in renewable power capacity additions, with amounts to be added between 2022 and 2027 seen by the IEA at twice the amount added in the previous five years.

In the United States, the Inflation Reduction Act will act as a major motivator for the expansion of wind and solar generation capacity, the IEA also said, adding that China and India will also be among the drivers of the coming wind and solar build-up.

By Irina Slav for Oilprice.com

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Leave a comment
  • Mamdouh Salameh on December 06 2022 said:
    Here is another crescendo of hype from the IEA’s Fatih Birol projecting that renewables will be the world’s largest source of electricity by 2025.

    In 2021 renewables contributed 11.7% to global electricity according to the 2021 BP Statistical Review of world Energy compared to 35% for coal, 23.4% for natural Gas, 16% for hydro and 10% for nuclear energy. So how on earth will renewable be the largest source of electricity by 2025?

    Birol is known for his excessive hyping but he is undeterred by the rebukes he has so far received which made him a laughing stock in the energy community.

    In 2018 during the global economic meeting in Davos Switzerland, he was hyping so much about US shale oil potential that the then Saudi Energy Minister Khalid Al-Faleh publicly rebuked him and asked him to stop hyping.

    Also in 2018, Birol took his hype to far greater level when he projected that by 2025 US shale oil production at 25 million barrels a day (mbd) will be bigger than the combined Saudi and Russian production. Instead, Shale oil has been a spent force since it was decimated by the pandemic.

    In 2021 he called for an immediate halt to new investments in oil and gas in his ludicrous zero-emissions roadmap which was overwhelmingly rejected by the world and he was forced to swallow his words later in 2021 but not before the Saudi Energy Minister Prince Abdilaziz bin Salman publicly rebuked him depicting his roadmap mockingly as ‘la-la-land’ and it has stuck.

    Is it then any wonder that why OPEC+ decided in 2021 to dispense with the IEA energy data because of bias, hype and exaggerations?

    Trying to electrify the global economy including agricultural production with a global transition to renewables won’t succeed without major contributions from natural gas and to some extent nuclear power and coal. The reason is the intermittent nature of renewables. Today’s technology won’t allow us to save solar electricity generated in summer for use in winter. Even if greatly ramped up, wind and solar electricity generation would likely be grossly inadequate by themselves to try to operate any kind of economy.

    Dr Mamdouh G Salameh#
    International Oil Economist
    Global Energy Expert

Leave a comment




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