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A new report by the International Energy Agency highlights the growing trend of renewable energy sources in the global power mix. According to the agency, the share of renewables in the world’s energy generation has increased by over 10 percentage points in the past decade, reaching a record high of 30 percent in 2022.
The report attributes the surge in renewable energy to declining costs, improved technology and government policies supporting the transition to a low-carbon economy. Solar and wind power, in particular, have seen significant growth, with solar energy capacity increasing by over 50 percent in the past year alone.
The International Energy Agency also notes that the growth of renewable energy has not come at the expense of fossil fuels, as the overall energy demand has continued to rise. Instead, the increased use of renewables has helped to reduce the carbon intensity of the global energy mix, with a 1.3 percent decline in carbon dioxide emissions from the energy sector in 2022 compared to the previous year.
The report concludes that the continued growth of renewable energy will be crucial in achieving the goals of the Paris Agreement, which aims to limit global warming to well below 2 degrees Celsius above pre-industrial levels and pursue efforts to limit it to 1.5 degrees Celsius.