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At the current pace of development, renewables will account for only 18% of the energy consumed in the world by 2040. This threshold is far below the 28% threshold deemed necessary by the United States. IEA to mitigate the effects of climate change, produce clean air and provide access to modern energy around the world.
According to the IEA, renewables could increase by 25% faster if governments adopt policies and regulations that give businesses and investors the confidence to invest in clean energy.
The group now expects renewables to meet 40% of the new global energy demand between 2018 and 2023.
By 2023, China is expected to overtake the European Union as the world's largest consumer of renewable energy, thanks to policies to decarbonise the energy sector and reduce levels. notoriously high pollution levels in the country. The country accounts for 40 percent of renewable energy growth over the next five years alone, the agency predicts.
After China, the European Union will experience the fastest growth in the deployment of renewable energy, ahead of the United States while the bloc of 28 countries aims to achieve its renewable energy targets. by 2020 and 2030.
In the United States, renewable energy capacity is expected to increase another 44%, but the IEA has warned that changes in the tax code, trade policy and energy projects of President Donald Trump could slow down the growth.
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