Dec 1, 2021 - Energy & Environment

IEA report: A stronger renewables forecast still falls short

5-year renewable capacity addition forecast
Data: IEA; Chart: Sara Wise/Axios

New data shows renewable power is surging globally but remains off the pace with what's needed to meet the ambitious goals of the Paris climate agreement.

Driving the news: The International Energy Agency is out with its latest snapshot and near(ish) term forecasts.

  • Power capacity additions are setting another annual record this year at around 290 gigawatts, led by solar.
  • IEA has significantly increased its forecast for renewable power growth over last year's report.
  • It now sees capacity growing by 60% from 2020-2026 to reach around 4,800 gigawatts.

Yes, but: "[E]ven this faster deployment would still fall well short of what would be needed in a global pathway to net zero emissions by mid-century," IEA notes in a summary.

"That would require renewable power capacity additions over the period 2021-26 to average almost double the rate of the report’s main case."

It also notes that rising commodity and shipping costs could delay some projects.

Read the report and CNBC has more too

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