Renewable energy capacity is on course to double in the coming years, with investment into the sector having skyrocketed due to the global energy crisis.
A report by the International Energy Agency (IEA) outlined how the war in Ukraine has marked a “decisive moment” for renewables in Europe, as countries ramp up investment in infrastructure in order to secure future energy supplies and move away from Russian gas.
This year alone will see the same amount of renewable capacity installed as the past five years combined, said IEA, or roughly 1,282GW.
The agency added that by 2027 renewables will account for over 38% of the world’s energy, surpassing coal, the current largest energy source.
IEA’s report follows previous warnings in October from its executive director, Dr Fatih Birol, that the world is in its “first truly global energy crisis”.
“Renewables were already expanding quickly, but the global energy crisis has kicked them into an extraordinary new phase of even faster growth as countries seek to capitalise on their energy security benefits,” outlined Birol.
While capacity of renewable generators is set to grow due with the building of more infrastructure, the efficiency of these has also increased in recent years.
Solar cell efficiency is generally between 15%-20% according to GreenMatch, but has reached well over 40% in laboratory conditions, suggesting massive strides in the technology as nations search for alternative, cleaner sources of energy.
National Grid was outlined as having exciting prospects by JP Morgan brokers last month, which suggested that the company’s involvement in energy transition meant it promised almost “certain” growth.
Meanwhile, strong profits experienced by electricity producers this year has seen them favoured by investors, even despite the windfall tax announced by the UK government in November.