International Energy Alliance (IEA) has estimated that practically 40 per cent of the world's energy needs would be fulfilled by renewable energy sources by 2023. An IEA study proposes that the share of renewables in India's energy sector would augment to 16 per cent from the current 5.3 per cent over the next five years.
The agency released its much anticipated World Energy Outlook, 2018, in New Delhi. The IEA examines the energy demand to grow by more than 25 per cent till 2040. Much of this development would be determined by developing nations such as India.
As per IEA report, there will be an annual investment of more than $2 trillion in new energy supply, till 2023. "So far investments in renewable energy in India are being led by solar. India now has the second highest growing market of solar photovoltaics," said Cédric Philibert, senior analyst, renewable energy division, IEA.
“We see India's share of renewable energy rise constantly from here at 5.3 per cent to about 16 per cent of the total energy consumption in the country,” said Philibert, speaking at the launch of the 660-page Global Energy Outlook report.
“India still remains well behind China in solar manufacturing, but the capacity of producing solar PV panels has quadrupled in the last three years,” said Philibert. The agency views India to have set the right path for itself, under the leadership of Prime Minister Narendra Modi.
The report emphasize that China remains the global growth leader in renewable energy largely for its policies to decarbonise all sectors and reduce harmful local air pollution. By 2023, China will become the largest consumer of renewable energy, eclipsing the European Union.
Among the world’s largest energy consumers, Brazil has the highest share of renewables by far—almost 45 per cent of total final energy consumption in 2023, and is likely to be driven by the significant contribution of bioenergy and hydropower.
The IEA forecast said that expansion of solar PV capacity globally would be almost 600GW by 2023 (from the 2017 level of 391GW). Of this, almost 40 per cent of manufacturing capacity lies with China.
This trend is likely to make solar PV capacity to be more affordable in the next five years. The growth in the solar sector is anticipated to continue, and solar PV capacity is estimated to reach 1000GW by 2030, the IEA forecast said.
Wind energy remains the second-largest contributor to renewable capacity growth, though in complete terms, hydropower remains the largest renewable electricity source for the planet till 2023, the IEA global forecast said.
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