"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."
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.