The growth of renewable energy is being accelerated by the efforts of countries to strengthen energy security

　　According to the International Energy Agency's (IEA) latest annual report on renewables, global renewable power capacity is set to grow by 2,400 GW between 2022 and 2027. This significant increase, which is 30% higher than the amount forecast just a year ago, demonstrates the quick response of governments to support renewables in the wake of the global energy crisis. The report highlights that energy security concerns caused by Russia's invasion of Ukraine have motivated countries to increasingly turn to renewables such as solar and wind to reduce reliance on imported fossil fuels.

　　The report cites energy security concerns and climate ambitions as the primary drivers of renewable energy growth in Europe, where capacity is expected to double over the next five years.
China's 14th Five-Year Plan alone is expected to account for almost half of new global renewable power capacity additions. The United States' Inflation Reduction Act has also provided support for the expansion of renewables.

　　Solar PV and onshore wind are currently the most economically feasible options for new electricity generation in most countries worldwide and are expected to account for over 90% of new renewable power capacity over the next five years. Biofuel demand is also expected to grow by 22% over the same period, with the United States, Canada, Brazil, Indonesia, and India making up the majority of global expansion in biofuel use.