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IEA: Renewable Energy Growth Could Help EU Wean Self Off Russian Gas

IEA: Renewable Energy Growth Could Help EU Wean Self Off Russian Gas

power

Industry Segment: Power | Word Count: 852 Words
Attachment: B, A, C, D, E

May 12, 2022--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--The world's renewable electricity generating capacity grew by a record 6% last year, and it is poised to set a new record with forecast growth exceeding 8% this year, according to a new report from the International Energy Agency (IEA) (Paris, France). If Europe develops renewables at its current pace, it may be able to dramatically reduce its imports of Russian natural gas to generate electricity by 2023, IEA said in its Renewable Energy Market Update, released May 11.

"Energy market developments in recent months--especially in Europe--have proven once again the essential role of renewables in improving energy security, in addition to their well-established effectiveness at reducing emissions," said IEA Executive Director Fatih Birol. "Cutting red tape, accelerating permitting and providing the right incentives for faster deployment of renewables are some of the most important actions governments can take to address today's energy security and market challenges, while keeping alive the possibility of reaching our international climate goals."

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