Report states that China heading ‘Age of Electricity’
Date
10/24/2024 8:56:37 AM
(MENAFN) The global energy landscape is undergoing a significant transformation as it shifts into what the International Energy Agency (IEA) terms the new "Age of Electricity," with China at the forefront of this evolution. In its recently published annual World Energy Outlook, the IEA projects that demand for fossil fuels is expected to peak by the end of the decade, signaling a decisive move toward cleaner energy sources.
The report highlights the rapid advancement of clean energy generation, which is accelerating at an "unprecedented rate." This surge is driven by increased production of batteries and solar panels, largely fueled by sectors such as electric vehicles and data centers. By 2030, China is anticipated to account for nearly 60% of all renewable energy capacity installed globally. Notably, the country’s solar energy output is expected to surpass the total electricity demand of the United States within the next decade, underscoring China's pivotal role in the energy transition.
The ongoing conflicts in Ukraine and the Middle East have laid bare the vulnerabilities within the global energy system, emphasizing the urgent need for investments aimed at expediting the shift towards cleaner and more secure energy technologies. IEA Executive Director Fatih Birol articulated the significance of this transition, stating, "In energy history, we’ve witnessed the Age of Coal and the Age of Oil. We’re now moving at speed into the Age of Electricity, which will define the global energy system going forward and increasingly be based on clean sources of electricity."
Last year marked a record high for clean energy deployment, with more than 560 gigawatts (GW) of renewable power capacity added worldwide. The IEA reports that nearly $2 trillion is now being invested in clean energy projects annually, a figure that is almost double the investment in fossil fuel projects. This financial commitment reflects a growing recognition of the need to transition to sustainable energy systems, further cementing China's leadership in the global energy market as it paves the way for a cleaner and more sustainable future.
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