The International Energy Agency (IEA) has released a report predicting significant growth in renewable energy capacity additions over the next few years. According to the report, the world is on track to add 1.2 terawatts (TW) of renewable energy capacity by 2024, which equals the total current power capacity of the United States.
The growth in renewable energy capacity is primarily driven by solar and wind power, which are expected to contribute 60 percent of the new capacity. China is expected to lead the way in renewable energy additions, followed by the United States and India. The report also shows that solar energy is becoming increasingly cost-competitive with fossil fuels, making it more attractive for investment.
The IEA’s Executive Director, Fatih Birol, notes that this growth is a positive step towards combating climate change and achieving sustainable energy goals. However, he warns that to reach global climate targets, even more investment in renewable energy will be needed.
In conclusion, the IEA report highlights the immense growth potential of renewable energy and its increasing competitiveness with fossil fuels. It also emphasizes the need for continued investment in sustainable energy solutions to achieve a cleaner, greener future.
Reference: TechXplore.org
