IEA: Wind and solar capacity will overtake both gas and coal globally by 2024

-Wind and solar capacity will exceed coal and gas in less than five years, according to a new report by the International Energy Agency.

-The increase will mean wind and solar will overtake gas capacity in 2023 and coal in 2024.

-The report also showed how renewables had proved to be resilient during the COVID-19 pandemic, unlike other commodities.

Wind and solar capacity will double over the next five years globally and exceed that of both gas and coal, according to a new International Energy Agency (IEA) report.

The Paris-based intergovernmental agency anticipates a 1,123 gigawatt (GW) increase in wind and solar that would mean these power sources overtake gas capacity in 2023 and coal in 2024.

The IEA’s Renewables 2020 report concludes that while other fuels have struggled due to Covid-19 this year, the market for renewables has proved

“more resilient than previously thought”.

The continued growth of wind and solar means renewables, including hydro and bioenergy, would displace coal as the largest source of the world’s power by 2025, says the IEA’s report.

Last year, Carbon Brief analysis of the IEA’s data found that it only expected renewables to overtake coal output over the next five years under its more optimistic “accelerated case” scenario.

However, this year – even in its less ambitious “main case” scenario – wind, solar, hydro and biomass are projected to take the lead within the next five years.

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