The International Energy Agency (IEA) sees an additional 2,400 gigawatts of capacity coming online worldwide over the next half-decade. That forecast is almost 30% higher than last year’s edition of the rolling 5-year projections.
The agency now sees renewables surpassing coal as the largest source of global power generation by 2025.
Upshot: “Fossil fuel supply disruptions have underlined the energy security benefits of domestically generated renewable electricity, leading many countries to strengthen policies supporting renewables,” IEA said.
More expensive fossil fuels also tilt the playing field toward solar and wind.
Added Solar, Added Wind
The data release comes on the heels of a Pacific Ocean wind farm lease auction on Tuesday.
The Bureau of Ocean Energy Management will kick off the first-ever U.S. lease auction for commercial-scale floating wind farms in the Pacific Ocean, with 43 worldwide companies approved to bid.
The auction includes three areas off California’s central coast and two off the state’s northern coast that have the potential to generate 4.5 gigawatts of power.
Meanwhile, to boost permitting of clean energy projects, the Interior Department will start identifying new areas on public lands in the western United States primed for solar power development.
As part of the renewables push, the agency will update an Obama-era plan that had established special zones for solar projects across six states — Arizona, California, Colorado, Nevada, New Mexico and Utah — with the possibility of adding more states to the list.
More on wind and solar:
What to Consider When Farming the Sun
How the Russian Oil Ban Will Impact Clean Energy Debates
