IEA: China to Lead in Renewable Energy Energy (VEI), analysts predicted. This is stated in the report of the International Energy Agency (IEA).
According to the agency, in 2021 the PRC became the world leader in the implementation of renewable energy sources, and by 2026 the country will reach 1200 gigawatts of wind and solar power. In addition to China, the main drivers of green energy growth will be European countries, as well as the United States and India.
The IEA indicated that in total in 2021, about 290 gigawatts of new renewable energy production capacity were commissioned worldwide, which was higher than the record levels of last year. The main sources of this power are solar panels and wind turbines. Analysts are confident that by 2026 REI will bypass fossil fuels and nuclear power combined in terms of capacity, and 95 percent of the global increase in energy production will come from renewable sources.
According to IEA head Fatih Birol, the record growth in renewables in 2021 will be another sign of the emergence of a new global energy economy. “The high raw material and energy prices we see today are creating new challenges for the renewable industry, but higher fossil fuel prices are also making renewable energy more competitive,” Birol said.
In doing so, the IEA recognizes that there are many different factors that could negatively affect the green energy sector in the future. For example, renewables face project implementation challenges as well as political challenges ranging from permitting and funding to grid integration and public acceptance. “The current rise in commodity prices has put upward pressure on investment spending, while the availability of raw materials and rising electricity prices in some markets pose additional challenges for wind and solar panel manufacturers in the short term,” the report said. >
The agency has previously stated that one of the easiest and cheapest ways to make the transition from fossil fuels to renewable energy sources could also be to improve energy efficiency. The use of solar and wind energy in parallel with the rational use of available resources can reduce harmful emissions into the planet's atmosphere. The agency stated that changing the daily habits of energy consumers can also have a positive effect.