From India to Africa, renewables race ahead but Europe is lagging, IEA report shows

The oil and gas shock from the Strait of Hormuz is speeding up the transition to renewables almost everywhere in the world, but not in Europe, the International Energy Agency (IEA) said in its annual renewables report on Friday (6 November). The Paris-based agency expects global renewable power capacity to grow by almost 4,800 GW between 2026 and 2031, which is 57 percent more than in the previous six years. But it cut its expected growth forecast for Europe by six percent compared to estimates made last year, although Europe will still add around 100 gigawatts (GW) a year until 2031. “Higher electricity prices associated with the current conflict in the Middle East have not yet translated into major policy revisions or a measurable acceleration in installations,” the report says about the situation in Europe. In most places, the adoption of renewables is speeding up, driven by high costs of fuels and energy security worries. “Previously, environmental concerns were the policy priority behind the growth of renewables,” said IEA executive director Fatih Birol on Friday. “Today, it’s mainly energy security that is driving renewables’ expansion as more and more countries seek to reduce their exposure to imported fuels,” he also said. The IEA raised its forecast for the United States by almost 40 percent compared with last year, and for sub-Saharan Africa by 54 percent. For the first time, poorer countries outside China will add renewables as fast as rich ones.