World to install over a trillion watts of clean energy by 2023

09/10/2018 09:06 Renewable

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The world could install more than a trillion watts of renewable power over the next five years, more than the entire current generation capacity of the European Union (EU).

Even in its more conservative central forecast, the agency predicts that global renewable energy capacity will grow by one terawatt, driven by a boom in solar installations and more accommodating government policy.

 

Energy from solar, wind and hydro will continue to outpace natural gas and coal over the next five years, the IEA said. Generation from natural gas will be squeezed by cheap coal and ever more competitive solar and wind technologies.

 

Despite renewable energy expanding its share of global electricity output to 30 per cent by 2023, growing coal generation in Asia means that the dirtiest fossil fuel will remain the largest source of power in the world.

 

China will be responsible for 41 per cent of global renewable growth, adding 438 gigawatts of clean energy to become the largest consumer of green energy in the world, overtaking the EU, the IEA said.

 

Almost half of Brazil's total power consumption will come from renewables by 2023, in large part down to hydro and bioenergy.

 

The IEA focused on "modern bioenergy," saying it is the "blind spot" of the renewables world even though it accounted for half of all clean energy consumed in 2017.

Source: businesstimes.com.sg

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