International Energy Agency

IEA hails offshore wind for battling global carbon emissions

Offshore wind power is poised to grow rapidly and fill an important role in the world's renewable electricity mix, a new International Energy Agency report found.

What’s new: Although offshore wind provides just 0.3% of global electricity today, IEA predicts within about two decades it will increase at least 15-fold and make up between 3.1% to 5.4%, depending on how aggressively countries enact policies to cut greenhouse gas emissions.

IEA boosts its renewable energy forecast as costs fall

Reproduced from IEA’s Renewables 2019 report; Chart: Axios Visuals

The International Energy Agency's new five-year renewable energy forecast sees faster growth than last year's outlook, but warns that movement toward zero-carbon sources is too slow to confront global warming.

What they found: The agency forecasts that total global renewable power capacity, which was 2,502 gigawatts last year, will increase 50% by 2024, with solar accounting for over half the expansion.