IEA: Utility emissions are at a "tipping point" due to increase in renewable energy

Feb. 8 (UPI) -- The global power sector is at a "tipping point" in terms of greenhouse gas emissions because of the increase in usage of wind, solar and nuclear power, the International Energy Agency said Wednesday.

The IEA found that renewable energy is set to "dominate" growth in global electricity supply over the next three years. After a decline of 2% during the worst of an energy crisis triggered by the war in Ukraine, the Paris-based consortium anticipates global demand for electricity increases by 3% over the next three years, with most of that growth coming from the economies of Southeast Asia, India and China.

"The good news is that renewables and nuclear power are growing quickly enough to meet almost all this additional appetite, suggesting we are close to a tipping point for power sector emissions," IEA Executive Director Fatih Birol said. "Governments now need to enable low-emissions sources to grow even faster and drive down emissions so that the world can ensure secure electricity supplies while reaching climate goals."

The IEA, based in Paris, said late last year that the pace of expansion for renewable sources of energy over the next five years is expected to be 85% faster than the previous five-year period. Through 2027, the IEA expects that renewable resources will represent more than 90% of capacity expansions globally.

Improvements are not universal, however. The IEA found that CO2 emissions from the European power sector might increase as it adjusts to the loss of Russian supplies due to sanctions by relying more on coal and natural gas. Apart from the war, the agency said drought is curbing output from hydropower, while nuclear capacity is waning due to plant closures and maintenance.

"This setback will be temporary, though, as Europe's power generation emissions are expected to decrease on average by about 10% a year through 2025," the IEA stated.

Even though it's cheap, coal-fired power is fading from the grid. The International Energy Agency on Wednesday said global emissions could start to decline as more economies turn to renewable sources of energy. File photo by Debbie Hill/ UPI

In the U.S. energy sector, the Energy Department expects coal to fade from the power sector, while renewables increase their share from 22% in 2022 to 26% next year. Most of that would come from utility-scale solar power capacity.

While President Joe Biden said during his annual State of the Union that fossil fuels will remain essential commodities, incentives outlined in the bipartisan Inflation Reduction Act are supporting everything from hydrogen to electric vehicles meant that will help usher in a net-zero U.S. economy.