Report: China Spearheads the 'Age of Electricity'
According to the IEA, the globe is transitioning into the "age of electricity," with China projected to contribute 60% of global renewable energy by 2030. Read Full Article at RT.com
TroibNews 
The global energy market is entering a new "age of electricity" led by China, as fossil fuel demand is expected to peak by the decade's end, according to the International Energy Agency (IEA).
In its annual World Energy Outlook released on Wednesday, the IEA stated that clean energy generation is advancing at an "unprecedented rate," driven by rising production of batteries and solar panels, fueled by industry demands, electric vehicles, and data centers.
The IEA highlighted that China is projected to contribute nearly 60% of the total renewable energy capacity installed worldwide by 2030, even as it remains one of the largest oil consumers globally. The report adds that China's solar generation is on track to surpass the total electricity demand of the United States within the next decade.
The energy watchdog pointed out that conflicts in Ukraine and the Middle East have revealed vulnerabilities in the global energy system, emphasizing the need for investments to accelerate the shift toward "cleaner and more secure technologies."
"In energy history, we’ve witnessed the Age of Coal and the Age of Oil," IEA Executive Director Fatih Birol noted. "We’re now moving at speed into the Age of Electricity, which will define the global energy system going forward and increasingly be based on clean sources of electricity," he remarked.
According to the IEA, a record amount of clean energy was added worldwide last year, including over 560 gigawatts of renewable power capacity. The organization also reported that nearly $2 trillion is being invested annually in clean energy initiatives globally, which is almost double the investment in fossil fuels.
"Together with nuclear power, which is the subject of renewed interest in many countries, low-emissions sources are set to generate more than half of the world’s electricity before 2030," the report noted.
However, the agency forecasts that the demand for fossil fuels will still peak by the end of the decade, as the adoption of clean energy "is far from uniform across technologies and countries."
Despite the "growing momentum behind clean energy transitions," the IEA cautioned that the world remains "a long way from a trajectory aligned" with its goal of achieving carbon neutrality by 2050.
Frederick R Cook for TROIB News
In its annual World Energy Outlook released on Wednesday, the IEA stated that clean energy generation is advancing at an "unprecedented rate," driven by rising production of batteries and solar panels, fueled by industry demands, electric vehicles, and data centers.
The IEA highlighted that China is projected to contribute nearly 60% of the total renewable energy capacity installed worldwide by 2030, even as it remains one of the largest oil consumers globally. The report adds that China's solar generation is on track to surpass the total electricity demand of the United States within the next decade.
The energy watchdog pointed out that conflicts in Ukraine and the Middle East have revealed vulnerabilities in the global energy system, emphasizing the need for investments to accelerate the shift toward "cleaner and more secure technologies."
"In energy history, we’ve witnessed the Age of Coal and the Age of Oil," IEA Executive Director Fatih Birol noted. "We’re now moving at speed into the Age of Electricity, which will define the global energy system going forward and increasingly be based on clean sources of electricity," he remarked.
According to the IEA, a record amount of clean energy was added worldwide last year, including over 560 gigawatts of renewable power capacity. The organization also reported that nearly $2 trillion is being invested annually in clean energy initiatives globally, which is almost double the investment in fossil fuels.
"Together with nuclear power, which is the subject of renewed interest in many countries, low-emissions sources are set to generate more than half of the world’s electricity before 2030," the report noted.
However, the agency forecasts that the demand for fossil fuels will still peak by the end of the decade, as the adoption of clean energy "is far from uniform across technologies and countries."
Despite the "growing momentum behind clean energy transitions," the IEA cautioned that the world remains "a long way from a trajectory aligned" with its goal of achieving carbon neutrality by 2050.
Frederick R Cook for TROIB News
