The share of renewable energy used at the global level is expected to grow by around 20 percent in the following five years, to 12.4 percent in 2023, according to a report published on Monday by the International Energy Agency.
In the electricity sector, renewable energy will have the highest growth rate (hydroelectric plants, solar power, wind power, bioenergy and tidal power), and will supply almost 30 percent of demand in 2023, from 24 percent in 2017. In this period, renewable energy is expected to represent over 70 percent of the increase in global electricity generation, especially through solar, hydro, wind and bioenergy sources, according to the report.
Hydroelectric plants will continue to be the biggest sources of renewable energy until 2023, covering 16 percent of global electricity demand, followed by wind (6 percent), photovoltaic technology (4 percent) and bioenergy (3 percent), the IEA estimates.
The Agency notes that 2017 was a record year for renewable energy, with the largest growth in the capacity of photovoltaic energy production facilities, to 97 Gigawatts, with more than half of them in China.
On the other hand, the capacity of wind energy sources in coastal areas, especially in the US and China, stagnated.
In the following six years, the growth of renewable energy production will be dominated by photovoltaic technology, with an expected increase up to 600 Gigawatts, the report claims.
The International Energy Agency is the main counselling body for energy-related issues of the most developed 29 states. The Agency was established as a response to the first oil crisis of 1973-74 to coordinate the release of oil from stock reserves.
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Renewable energy gaining ground worldwide, says International Energy Agency