Increase in electricity consumption through 2027 expected to average around 4% annually, driven by growing use for industry, air conditioning, electrification and data centres.
IEA's latest monitor shows wide variations in clean energy deployment among regions and technologies amid increased manufacturing capacity and declining costs.
With solar leading their rapid deployment, renewables are on course to meet almost half of global electricity demand by the end of this decade, a new IEA report says.
Wind and solar power have reached a share of 30% of European Union (EU) electricity generation, overtaking fossil fuels for the first time.
The world has added 50% more renewable capacity in 2023 than in 2022 and the next 5 years will see the fastest growth yet.
Global energy-related carbon dioxide emissions hit a record high last year, even as more clean technologies such as solar power and electric vehicles helped limit the impact of increased coal and oil consumption, according to the International Energy Agency (IEA). Scientists warn that energy users around the world must dramatically reduce emissions to slow the ill effects of global warming.
A significant portion of EU grants is allocated to support sustainable initiatives, further driving the rise in these types of loans.
Polish energy group Orlen announced that its subsidiary, Energa Operator, has secured a €1.8bn loan to modernize the power grid, preparing it for the integration of renewable energy sources.
OMV Petrom announced the commencement of construction for a production unit dedicated to sustainable aviation fuel (SAF) and renewable diesel (HVO) at the Petrobrazi refinery.
The European Investment Bank (EIB) is providing a €240 million loan to Slovakia for co-funding of EU-supported green and digital projects across the country.
In line with its 2030 ambition to decarbonize the hydrogen used in its European refineries, TotalEnergies has signed agreements with Air Liquide to develop two projects in the Netherlands.
