Renewable energy forecasts continued growth 12 Oct 2018

The analysis by the International Energy Agency (IEA) examines the forecast for renewable energy and technologies up to 2023. The report concludes that by 2023 renewable energy sources will provide nearly 30 per cent of global electricity, up from 24 per cent in 2017.

Bioenergy will remain the predominant source of renewable energy in five years’ time, although it will account for only 46 per cent of renewable energy compared to 50 per cent last year.

Renewable energy will meet more than 70 per cent of growth in electricity generation, with solar PV energy growing most quickly, followed by wind, hydropower and bioenergy.

Renewable heat consumption is expected to increase by 20 per cent over the forecast period to reach a share of 12 per cent of heating sector demand by 2023. However the increase in the share of demand for heating contributed by renewables will be small, with continuous economic and population growth driving “robust growth” in total heat demand, the IEA said. Sources of renewable energy will remain low in the transport sector, with their share growing only minimally from 3.4 per cent in 2017 to 3.8 per cent in 2023.

The IEA said this was due to ongoing consumption of petroleum products and although renewable electricity consumption in road and rail transport modes would increase 65 per cent over the next five years, this was from a low base. The IEA also examined the use of renewable energy sources in five major markets: the EU, US, China, Brazil and India. Of these, Brazil currently generated and would continue to generate the highest proportion of energy from renewable sources, with the share of energy from renewables rising from 42 per cent to 44 per cent in the next five years.

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