Provisions worries, decreased prices drive unprecedented ren...| MENAFN.COM

Thursday, 02 February 2023 05:39 GMT

Provisions worries, decreased prices drive unprecedented renewables expansion


(MENAFN) Worldwide renewable energy volume is set to surge be 100 percent, surging by 2,400 gigawatts during the upcoming five years, as provisions security worries and declined renewable energy expenses become the major drivers of this unparalleled expansion, the chief of the International Energy Agency (IEA), Fatih Birol, informed Anadolu Agency in an exclusive meeting.

While giving a speech on the IEA's yearly report, Renewables 2022, Birol stated that the estimated surge of 2,400 gigawatts in worldwide renewable volume is as high as the volume gained in the last 2 decades and equivalent to China's overall installed power volume.

The report reveals that the estimate surge in renewables is currently 30 percent more than the surged capacities estimated one year before.

Birol stated that "There are two main drivers of this unprecedented growth. The first reason is that a growing number of countries now see renewables not only as environmentally friendly but also as a very significant contributor to the security of the energy supply. The second reason is the lower renewable costs, which are more advantageous compared to fossil fuels. Renewables have become economically viable."

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