Economic analysts of every persuasion rarely agree. However, on one point they are nearly unanimous in agreement: the Ukraine conflict has added to the global energy crisis.
And it is the global energy crisis that is powering strong demand for a solution. The solution being a more rapid transition to green sources of energy.
Singularity Hub reports:
In its latest assessment of the state of renewable power, the International Energy Agency (IEA) says that the global energy crisis the conflict has caused is driving a significant acceleration in the roll-out of green energy projects as governments try to reduce their reliance on imported fossil fuels.
The upshot is that global capacity is expected to grow by as much as 2,400 gigawatts (GW) between now and 2027. That’s equal to China’s total power capacity today, and more renewable power than the world has installed in the previous 20 years.
It’s also about 30 percent higher than the agency was predicting last year, making this the largest-ever upward revision of its renewable energy forecasts. The report predicts that renewables will make up 90 percent of all new power projects over the next half-decade, and by 2025 solar is likely to overtake coal as the world’s single biggest source of power.
“Renewables were already expanding quickly, but the global energy crisis has kicked them into an extraordinary new phase of even faster growth as countries seek to capitalize on their energy security benefits,” IEA executive director Fatih Birol said in a statement. “This is a clear example of how the current energy crisis can be a historic turning point towards a cleaner and more secure energy system.”
Nowhere has the energy crisis spurred a bigger reaction than in Europe. Much of the continent has long been reliant on Russian fossil fuels, with the EU importing nearly half its natural gas from the country. Given the growing rifts with its neighbor, the bloc is keen to rectify this situation.
In May, the European Commission released its REPowerEU plan in response to the Russian invasion, which outlines how the bloc plans to reduce its energy use, boost renewables, and diversify the sources of its fossil fuel supplies. This includes commitments to end reliance on Russian fossil fuels by 2027 and boost renewables’ share of the energy mix to 45 percent.https://singularityhub.com/2022/12/19/ukraine-conflict-has-the-world-on-a-massive-renewable-energy-run-iea-report-says/
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