- EIA report reveals that the world is set to build 2,400GW of new wind and solar in the next five years.
- Renewables account for 28% of the world’s electricity mix but this is expected to hit 38% by 2027.
The Ukraine War is pushing the world towards a renewables-based future quicker than expected.
According to a report from the International Energy Agency (IEA), the Russian invasion has pushed more nations to ban fossil fuels and may have been the reason needed to take this step.
The report alleges that renewable energy will be the world’s top energy source within three years as a result of the changes to the energy market caused by the war.
The report reveals that the world is set to build 2,400GW of new wind and solar in the next five years, which will equal the entire generation capacity of China.
This represents a 30% increase in the predicted level of investment that was expected before the war. Renewables are expected to surpass coal by 2025, making it the world’s largest source of electricity. Currently, renewables account for 28% of the world’s electricity mix but this is expected to hit 38% by 2027.
The report stated that “higher fossil fuel prices worldwide have improved the competitiveness of solar photovoltaics and wind generation against other fuels.”