A recent report from the International Energy Agency (“IEA”) has revealed that wind and solar are set to surpass coal as the top source of energy on the globe this year. The Electricity 2024 report noted that global demand for electricity is set to expand over the next three years.
Fortunately, renewable energy and clean-energy technology will be sufficient enough to cover the extra electricity demand. Nuclear power will also achieve record highs next year amid the expansion of renewable energy and allow the generation of electricity from low-emission sources to finally surpass energy demand.
IEA ED Fatih Birol revealed that the energy sector presently produces a lot more CO2 emissions compared to any other sector on the globe. However, he noted that the quick expansion of renewable energy has been encouraging. Combined with growth in the nuclear-power segment, the IEA executive said green-energy generation is on track to meet worldwide power demand for the coming three years. According to Birol, growth in the renewables segment is mostly due to the massive momentum behind clean energy.
Solar energy has had significant growth in recent years, particularly in Asia where China has recently installed a record number of new solar panels. Cheaper solar technology has reduced the associated costs of solar adoption and encouraged solar installations worldwide.
Birol said that growth in the nuclear power space has also contributed to the increase in renewable energy generation. He predicts that nuclear generation will reach historic levels in 2025. Although the world requires more and faster progress to achieve its emission-reduction goals, Birol described current energy trends as “very promising.”
The IEA’s Electricity 2024 report was the result of the agency’s annual analysis of developments and policies in the electricity space. As per the report, the worldwide growth demand for power will accelerate to a 3.4% average from 2023 to 2026 despite a minor 2.2% fall in 2023.
An estimated 85% of the increase in electricity demand will come from China, India and southeast Asian nations. Furthermore, the report notes that the globe’s reliance on fuel will reduce thanks to record energy generation from renewable sources such as solar, nuclear, hydro and wind.
Although these low-emission sources accounted for just 40% of the globe’s power-generation capacity last year, the report predicts it will increase to nearly 50% by 2026. Renewables will also be responsible for a third of power generation and surpass coal by early 2025.
As efforts by enterprises such as FuelPositive Corp. (TSX.V: NHHH) (OTCQB: NHHHF) to commercialize technologies that engender energy efficiency gain traction, the penetration of green energy is likely to continue climbing year by year.
NOTE TO INVESTORS: The latest news and updates relating to FuelPositive Corp. (TSX.V: NHHH) (OTCQB: NHHHF) are available in the company’s newsroom at https://ibn.fm/NHHHF
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