"Global Renewables Set to Surpass Coal as Leading Electricity Source by 2025"

The International Energy Agency predicts that renewables will surpass coal as the world's largest electricity source by early 2025, with solar PV and wind accounting for 95% of the expansion. The agency's Renewables 2023 report highlights the rapid growth of global renewable power capacity and emphasizes the need for accelerated financing and deployment in emerging and developing economies to meet the COP28 goal of tripling capacity by 2030. The report also outlines key insights, including significant cost reductions in solar PV, substantial growth in China's solar PV and wind power, and expected doubling of solar PV and onshore wind projects in the U.S., EU, India, and Brazil by 2028.