Renewables could become largest electricity source by 2024, surpassing coal

By Nuran Erkul

LONDON (AA) - Renewable energy share in global electricity generation could surpass coal as early as 2024 potentially becoming the largest source of electricity and meeting one-third of global electricity supply for the first time, Eren Cam, electricity analyst at International Energy Agency (IEA), told Anadolu.

Depending on the favorable weather conditions and expectation that coal-fired generation will slightly drop this year and next year, renewables are set to meet all additional electricity demand in 2023 and 2024, according to the IEA's recent Electricity Market Report.

Electricity generation from fossil fuels is expected to have fallen four times in six years, showing a structural decline, said the report.

The share of renewables in global electricity generation stood at 22% in 2014 and is now forecast to reach over 33% in 2024, showing a 50% growth during this period.

"Even if the renewables do not surpass coal next year, there will be a very slight difference between them. In any case, renewables will meet one-third of global electricity generation next year," Cam said.

Pointing out that the global renewable energy capacity is growing exponentially, this rise will reduce the need for fossil fuels in electricity generation, he said.

Cam warned that the growth of electricity generation should be supported by increasing investment in electricity network.

"If the investments in electricity network fall short, this will definitely lead to a delay in decarbonization of the global energy systems and growth in electricity generation from renewables," he said.

According to the IEA's forecast, global energy investment will be around $2.8 trillion this year and more than $1.7 trillion of this is going to clean energy, including renewable power, nuclear, grids, storage, low-emission fuels, efficiency improvements and electrification.