IEA Sees 4,800 GW of New Renewables by 2031

The Strait of Hormuz crisis and the spike in fuel prices are pushing faster renewable energy deployment across the world, the International Energy Agency IEA said in a new report on Friday. For the first time, emerging markets outside China are set to match the clean energy capacity additions in advanced economies through 2031, the agency said in its Renewables 2026 report with analysis and forecasts through 2031.

Following the Middle East crisis and the spike in fuel prices, renewables have risen to the top of the policy agenda in many countries with energy security the top priority of economies. The heightened focus on energy security worldwide is strengthening the case for renewable energy deployment at a faster pace than before, the IEA said.