Global renewable energy growth to accelerate: IEA

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Global renewable energy growth to accelerate: IEA

Global growth in renewable energy production is going to accelerate but needs to speed up even more to meet targets to reach net zero carbon emission targets, the IEA said Wednesday.

In its latest report on the sector, the International Energy Agency said that the installation of new renewable electricity generation capacity is expected to hit a record 290 gigawatts GW this year.

Renewable capacity is projected to be added by 50 percent over the next five years, compared to the 2015 -- 2020 period.

The IEA said that in the next five years renewable electricity capacity will have increased by 60 percent from 2020 levels to 4,800 GW.

This is the equivalent of the current global power capacity of fossil fuels and nuclear fuels combined, it added.

TheIEA, which advises industrialised nations on energy policy, said that even this faster deployment would still fall short of what would be needed in a global pathway to net zero emissions by the mid-century. The rise in global temperatures is well under two percent as set by the Paris climate accord in 2015 and nations are trying to reach net zero carbon emissions in order to be able to keep pace with the rising in global temperatures, as set by the Paris climate accord in 2015.

It said to meet the goal of renewable power capacity, renewable power capacity would have to grow at twice as fast as it anticipated.

TheIEA said governments could speed up the growth of renewables by facilitating integration into the grid, as well as access to finance.

The high commodity and energy prices that are seeing today pose new challenges for the renewable industry, but elevated fossil fuel prices make renewables even more competitive, IEA executive director Fatih Birol said in a statement.