Renewables 2018 is the IEA – International Energy Agency – market analysis and forecast from 2018 to 2023 on renewable energy and technologies. It provides global trends and developments for renewable energy in the electricity, heat and transport sectors.
The analysis this year contains an in-depth look at bioenergy, the world’s largest source of renewable energy, highlighting the untapped potential of modern bioenergy and other renewable sources for greening the industry and transport sectors. Under an accelerated case, the report also highlights policy and market improvements that can unlock further growth of renewable energy in electricity and transport biofuels.
Renewables will continue their expansion in the next five years, covering 40% of global energy consumption growth, according to the IEA’s Renewables 2018 market analysis and forecast report. Their use continues to increase most rapidly in the electricity sector, and will account for almost a third of total world electricity generation in 2023. Because of weaker policy support and additional barriers to deployment, renewables use expands far more slowly in the transport and heat sectors.
While the growth in solar PV and wind is set to continue in the electricity sector, bioenergy remains the largest source of renewable energy because of its widespread use in heat and transport, sectors in which other renewables currently play a much smaller role.
“Modern bioenergy is the overlooked giant of the renewable energy field,” said Dr. Fatih Birol, the IEA’s Executive Director. “Its share in the world’s total renewables consumption is about 50% today, in other words as much as hydro, wind, solar and all other renewables combined. We expect modern bioenergy will continue to lead the field, and has huge prospects for further growth. But the right policies and rigorous sustainability regulations will be essential to meet its full potential.”