According to news on January 16, the International Energy Agency (IEA) predicts that renewable energy will surpass coal to become the world's largest source of electricity by early 2025.
This forecast marks an important step in the global energy transition. The rise of renewable energy, especially wind and solar, has caused dramatic changes around the world. In the past few years, the cost of renewable energy has continued to fall and the technology has continued to mature, making it increasingly competitive in the global power market.
According to the International Energy Agency (IEA), global renewable energy power generation capacity will increase by nearly 50% by 2025, reaching nearly 1 billion kilowatts. Among them, wind energy and solar energy will dominate, expected to account for 29% and 26% of global renewable energy generation respectively. Coal power generation will drop to 25%, losing its long-standing dominance in the global power market.
The latest report from the International Energy Agency shows that global renewable energy power generation capacity is expected to grow to 7,300 gigawatts from 2023 to 2028, with solar photovoltaics and wind energy accounting for 95% of new capacity. In early 2025, it will overtake coal as the largest source of electricity. The IEA pointed out that the world's new renewable energy power generation capacity will increase by 50% in 2023, and the next five years will usher in the largest growth period. Despite the optimism in the report, the IEA emphasized that more efforts are needed to achieve the goal of tripling installed capacity by 2030. The report covers renewable energy sources such as large-scale solar photovoltaic systems, hydropower, and onshore and offshore wind power. Birol, executive director of the IEA, said that the cost of onshore wind power and solar photovoltaics has been lower than that of new fossil fuel power plants, and financing and deployment of renewable energy in emerging and developing countries are major challenges.