China can get world domination in the green energy and become a leader in creating renewable energy sources (WEI), analysts predicted. This is stated in the report of the International Energy Agency (MEA).
According to the agency, in 2021, the PRC became the world leader in the implementation of WEI, and by 2026 the country will reach 1200 gigavatt of wind and solar power. In addition to China, the main drivers of the green energy growth will be the countries of Europe, as well as the United States and India.
MEA indicated that in general in 2021, about 290 gigavatt of new renewable energy production facilities were introduced all over the world, which turned out to be higher than the recorded indicators last year. The main sources of this power were solar panels and wind turbines. Analysts are confident that by 2026, WEI will carry out fossil fuel and nuclear power together, and 95 percent of the global energy production increase will be provided precisely due to renewable sources.
According to the head of the head of Fatiha Birol, the record growth of renewable energy sources in 2021 will be another sign of the emergence of a new global energy economy. “High prices for raw materials and energy that we see today create new problems for the renewable industry, but the elevated prices for fossil fuel also make renewable energy sources more competitive,” said Birol.
At the same time, the MEA recognizes the existence of many different factors that can negatively affect the green energy sector in the future. Thus, renewable energy sources face project implementation issues, as well as political problems: from issuing permits and financing to integration processes in power system and public recognition. “The current rise in commodity prices has had an increase in investment costs, while the availability of raw materials and the rise in electricity prices in some markets create additional problems for producers of wind and solar panels in the short term,” the report says.
The Agency has previously stated that one of the easiest and cheapest ways to carry out the transition from fossil fuels to renewable energy sources can also be improved energy efficiency. The use of solar and wind power in parallel with the rational use of available resources can reduce harmful emissions into the atmosphere of the planet. The agency stated that the change in the daily habits of energy consumers is also capable of creating a positive effect.