"Solar" contributes to half of it until the end of 2026

Renewable energy accounts for 95% of the increase in global electricity production

High costs of materials used in the manufacture of solar panels.

Reuters

A report from the International Energy Agency showed yesterday that renewable energy is expected to represent about 95% of the increase in the capacity to produce electricity in the world between now and the end of 2026, noting that solar energy will contribute to half of this increase.

This comes despite the rising costs of materials used to make solar panels and wind engines.

The Paris-based agency stated, in its annual report on the renewable energy market, that the capacity to produce electricity from renewable energy sources will rise to its second highest level ever in 2021.

The Executive Director of the International Energy Agency, Fatih Birol, said that "the record increases in electricity production from renewable energy sources, which amounted to 290 gigawatts since the beginning of this year, is another sign of the emergence of a new global energy economy."

"The rise we are witnessing now in the prices of commodities and energy presents new challenges for the renewable energy sector, but the high prices of fossil fuels make renewable energy sources more competitive," he added.

According to the IAEA report, the capacity to produce electricity from renewable energy sources in 2026 will be equivalent to the total global electricity production capacity from fossil fuels and nuclear energy combined.

The increases were led by stronger government policies and pledges from last month's climate conference in Glasgow, but the pace of renewable energy growth must accelerate to curb global warming, the agency added.

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