New reports from the International Energy Agency show that analysts are growing more interested in renewable options such as solar and wind—and toward electric vehicles (EVs).
Key Details
- Reports from the International Energy Agency (IEA) show a nearly 30% increase in projections for renewable energy.
- Within the next 10 years, the IEA expects the world will see an additional 2,400 gigawatts of renewable energy capacity come online.
- Additionally, the report projects that by 2025 renewable energy could pass coal production to become the most significant source world-wide of power generation.
Why it’s news
Since Russia’s invasion of Ukraine and the subsequent energy shortages caused by sanctions, the world has been forced to look more seriously at alternative energies. This momentum in the renewable energy sector could spur a faster transition away from fossil fuels.
In countries without access to fossil fuels, renewable energy provides energy security by allowing the country to produce energy within its borders. The rising prices of fossil fuels have further encouraged countries to invest in renewable energy.
Included in this focus on renewable energy is an increased interest in EVs. A Columbia University energy think tank report found that EV sales will likely increase in the coming years.
Using surveys from banks, world governments, and energy companies, the think tank found that EVs could make up 31% to nearly 100% of the car market by 2050.
The large gap in percentages is driven by a variety of expected variables. However, both reports show some of the most optimistic views of EV and other renewable growth in the coming years.