IEA Says Renewables are Positioned to Cover Electricity Demand Growth Until 2027

The International Energy Agency (IEA) has revealed that renewables are poised to cover the impending rise in worldwide electricity demand for the next three years. According to a recent IEA forecast, renewables like solar and wind will cover a whopping 95% of the globe’s increased energy demand until 2028. Electrification across several industries coupled with the increased demand for cloud and artificial intelligence services will be largely responsible for the surge in global demand for electricity.

The agency’s annual report, titled Electricity 2025, noted that the growth of energy-intensive sectors will accelerate the world’s increasing energy demands. Electrification coupled with surging demand for data centers and air conditioners will push the world into an era where electricity is critical to the global economy, IEA experts say.

With the world moving away from fossil fuels like oil and coal to cleaner alternatives, renewables will play a major role in fulfilling the world’s growing demand for energy. IEA experts liken the world’s increasing energy demand to adding Japan’s yearly power consumption every year over the next three years.

Renewables like solar, wind, and other renewables are positioned to fill supply shortfalls with clean energy thanks to a massive fall in green energy costs over the past couple of decades. Most of the increased demand for electricity over the next three years will come from developing and emerging countries.

China’s electricity demand has also grown significantly since 2020 and the manufacturing giant’s power consumption is set to expand by an average 6% until the end of 2027. Coincidentally, Beijing has also made monumental strides in the burgeoning renewable energy space. China currently controls most of the world’s photovoltaic solar panel supply chain and has one of the largest solar infrastructure networks in the world.

As a result, China is positioned to supply its substantial energy needs with domestically produced clean energy. IEA Director of Energy Markets and Security Keisuke Sadamori notes that the surge in worldwide electricity demand will inevitably present challenges to governments as they try to ensure equitable access to affordable and reliable electricity.

The developing nations that will be responsible for most of this demand typically struggle to attract green energy investments and will have to devise strategies that provide them access to capital. Investing in localized energy solutions that aren’t completely reliant on the grid for electricity will also ensure communities in emerging nations can access clean, affordable energy even when the grid is down.

As renewables play a bigger role in the energy mix of different countries, other technologies like electric vehicles from firms like Mullen Automotive Inc. (NASDAQ: MULN) are poised to exert a magnifier role in the fight against climate change.

NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN

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