Renewables will be world’s top electricity source within three years, IEA data reveals

(Eco Business, 8 May 2023) Renewables will cover almost all of global electricity demand growth out to 2025, becoming the world’s top source of electricity within three years, new figures reveal.

Carbon Brief analysis of figures in the International Energy Agency (IEA) electricity market report 2023 shows that renewables, combined with resurgent nuclear power, will more than cover growth in electricity demand between 2022 and 2025.

This means clean-energy sources will start displacing fossil fuels. As a result, global power-sector carbon dioxide (CO2) emissions will plateau or decline, despite rapidly rising demand.

Below, Carbon Brief runs through the report’s key findings via five charts.

Electricity demand

The IEA notes that global GDP growth projections have been revised down for almost every country due to the energy crisis, with the UK taking a particularly big hit.

Nevertheless, it says that global electricity demand growth will rebound strongly in 2023. It says another 2,500 terawatt hours (TWh) of demand will be added by 2025, predominantly in Asia.

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Eco Business, 8 May 2023: Renewables will be world’s top electricity source within three years, IEA data reveals