The @IEA has increased its renewable growth forecast by 40% since last year
It now expects growth to average more than 300GW/yr over the next 5yrs
Renewables would reach 4,800GW, topping the combined capacity of the world's fossil fuel & nuclear plants
iea.org/reports/renewa…
It now expects growth to average more than 300GW/yr over the next 5yrs
Renewables would reach 4,800GW, topping the combined capacity of the world's fossil fuel & nuclear plants
iea.org/reports/renewa…
The massive boost in near-term renewable prospects is shown in IEA figure 1.2, with growth over the next 5yrs topping 1,800GW vs the 5yr forecast of 1,300GW last year (chart shld say "2020 and 2021")
It says this is driven by "growing policy momentum"
iea.org/reports/renewa…
It says this is driven by "growing policy momentum"
iea.org/reports/renewa…
The IEA points to examples including China's new targets for 2030, national efforts in the EU towards higher 2030 targets and increased ambition under the Biden administration in the US
iea.org/reports/renewa…
iea.org/reports/renewa…
The IEA says China accounts for 60% of the revision, following the announcement of new targets including for wind & solar to reach 1,200GW by 2030 and non-fossil electricity to make up 40% of the total by the same year
carbonbrief.org/analysis-china…
carbonbrief.org/analysis-china…
Moreover, @fbirol says these targets mean China "could well" peak its emissions "well before 2030"
carbonbrief.org/analysis-china…
carbonbrief.org/analysis-china…
The IEA says renewables will account for almost all of the overall growth in electricity generating capacity – some 95% of the total
Some 80% of the growth will come in four markets:
CN, IN, US & EU
🇨🇳🇮🇳🇺🇸🇪🇺
iea.org/reports/renewa…
Some 80% of the growth will come in four markets:
CN, IN, US & EU
🇨🇳🇮🇳🇺🇸🇪🇺
iea.org/reports/renewa…
Nevertheless, the IEA notes that growth is not forecast to reach the levels needed in its 1.5C pathway
iea.org/reports/renewa…
iea.org/reports/renewa…
Moreover, the IEA points to risks from current high commodity prices, which would erase some – though by no means all – of the recent wind and solar cost reductions, if they are sustained
(Before getting too excited about possible temporary cost increases, it's worth remembering just how cheap solar, in particular, has become)
For more details of the IEA renewable forecasts, check out this excellent thread from @fbirol and/or read the report itself (it's free! 👏…although the data isn't 😢)
https://twitter.com/fbirol/status/1465924144072114176
Oh and here is our coverage of the IEA's renewable forecast reports from 2019 and 2020
Sorry no piece this year as I have too much else on at the moment – this thread will have to suffice
2020 carbonbrief.org/iea-wind-and-s…
2019 carbonbrief.org/analysis-renew…
Sorry no piece this year as I have too much else on at the moment – this thread will have to suffice
2020 carbonbrief.org/iea-wind-and-s…
2019 carbonbrief.org/analysis-renew…
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