IEA says solar capacity will nearly triple globally in next 5 years (NYSEARCA:TAN)
Solar power is forecast to nearly triple in the period 2022-2027, surpassing coal and becoming the world’s largest source of electricity capacity, according to “Renewable Energy Report 2022″ from the International Energy Agency.
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According to the report, global renewable energy capacity is now expected to grow by 2,400 GW over a five-year period, equivalent to the entire electricity capacity of China today.
The IEA said its projected increase is 30% higher than growth forecast just a year ago, with solar power accounting for 60% of total renewable capacity expansion over the next five years.
The upward adjustment will be driven primarily by China, which the report says will account for half of new global renewables over a five-year period.
Citing the Inflation Reduction Act, the IEA raised its forecast for the United States to 25%, aiming to increase renewable energy capacity to 270 GW by 2027.
Chinese solar cell manufacturers have evaded US tariffs by moving some of their operations through Southeast Asia, according to preliminary results from an investigation. US Department of Commerce investigated last week.