Although renewable energies continue to grow globally and have reached record numbers, they are still insufficient to achieve carbon neutrality.
The International Energy Agency (IEA) reported that renewable energy, from offshore wind energy to terrestrial solar energy, has increased in scope and electricity generation worldwide. But this conversion is still insufficient to reduce emission levels.
Last year, around 290 gigawatts (GW) were generated and this year this number of new installed capacities is already being exceeded despite the increase in transport and supply prices.
The “Renewables” report released by the IEA estimates according to its projections that 4,800 GW of facilities will be available by 2026, that is, 60% more than in 2020 and the equivalent of current electrical capacity from nuclear and fossil fuel sources combined. Photovoltaics will account for more than 50% of this increase, and offshore wind energy will triple its capacities.
China tops the growth list with 1,200 GW of wind and solar capacity expected in 2026, four years ahead of the official target, estimates the IEA.
Due to price increases, many renewable energy projects will have their investments limited. “High material prices today pose new challenges for the renewable energy sector, but high fossil fuel prices make renewable energy even more competitive“, Highlights the director of the IEA, Fatih Birol.
Despite the sector’s efforts, this growth in renewable energies will not be enough for the planet to reach carbon neutrality in 2050, a necessary step to limit the increase in average temperature to +1.5 °C compared to the pre-industrial period .
To do this, the rate of new renewable capacity installed between now and 2026 would have to double from IEA forecasts, and the demand for biofuels would be four times higher.