IEA says renewable power capacity must double to achieve carbon neutrality target

The International Energy Agency (IEA) confirmed that renewable power capacity additions will need to double in a global pathway to net zero emissions by 2050, even though there has been a rise in new power capacity this year.

In its annual renewable market report, the Paris-based agency said that electricity production from renewables might reach 290 gigawatts (GW) in 2021, almost 3% higher than 2020’s already exceptional growth.

In contrast, the amount of electricity generated from fossil fuel sources and nuclear combined reached 4,800 gigawatts.

According to the report, renewable capacity growth is forecast to accelerate in the next five years, accounting for almost 95% of the increase in global power capacity through 2026.

Nevertheless, the agency warned that rising commodity prices had affected the cost of producing and transporting solar panels and wind turbines, threatening to reduce investments in the short term.

IEA Executive Director Fatih Birol stated that the high commodity and energy prices today pose new challenges for the renewable industry, but elevated fossil fuel prices make renewables even more competitive.