A report by the International Energy Agency yesterday stated that renewable energy is expected to reflect a 95% increase in the world’s electricity generation capacity from 2026 to the end of 2026, with solar energy contributing half of this increase. .
This is despite the rising cost of materials used to make solar panels and wind turbines.
The Paris-based company said in its annual report on the renewable energy market that its capacity to generate electricity from renewable energy sources will reach its second-highest level by 2021.
Fatih Frol, managing director of the International Energy Agency, said: “The record increase in power generation from renewable energy sources to 290 gigawatts since the beginning of this year is another indication of the emergence of a new global energy economy.
“The rise we see now in commodity and energy prices presents new challenges for the renewable energy sector, but the high cost of fossil fuels makes renewable energy sources more competitive,” he added.
According to the IAEA report, the capacity to generate electricity from renewable energy sources by 2026 will be equivalent to the total global power generation capacity of fossil fuels and nuclear power.
The increase was driven by strong government policies and commitments at a climate conference in Glasgow last month, but the company added that the pace of renewable energy development needed to accelerate global warming.
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