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Renewable Energy Set for Period of Rapid Growth

12 Oct 14:00 by Steve Walia

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New analysis shows that renewable energy is set to enjoy an incredible 20pc growth over the next five years. By 2023, it will be providing 12pc of the world's total energy demand, according to figures produced by the International Energy Agency.

The IEA examined renewable energy and its supporting technology industries up to 2023, finding that clean energy sources will generate almost a third of total global electricity (30pc) compared to 24pc last year.

One key renewable energy source will be bioenergy, but it will represent 46pc of the total renewables market against 50pc in 2017. Clean power sources will produce over 70pc of growth figures for electricity production, and the fastest growing sectors will be solar PV, wind, hydro and bio-energy, in that order.

At the same time, renewable forms of heat consumption will grow by 20pc to capture a 12pc share of the heating sector market by 2023. However, the actual proportion of heating demand generated through renewable means will still be small.

Another area with plenty of room for improvement on the renewables front is the transport industry, which will only see a growth to 3.8pc from 3.4pc in 2023. This is because petroleum products continue to experience strong demand. Electricity consumption for renewables in the transport sector is set to grow by 65pc in the coming five years, but its starting point is very low.

And the markets leading the way in the use of renewables? These will be the EU, USA, China, India and Brazil - with Brazil continuing to produce the largest share of its total energy needs from clean sources at 44c.

The IEA now wants to see faster progress towards renewable power sources in the transport, electricity and heat sectors to meet global sustainability and climate goals.