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Wind will become the largest power source by generation in the European Union (EU) by 2027. according to the International Energy Agency`s (IEA) World Energy Outlook 2018 report.
The agency’s latest forecast suggested wind’s accession to the number one spot in the EU takes place faster than previously anticipated.
In its 2017 outlook. the IEA predicted this happening `soon after 2030`.
Within another decade. by 2040. the IEA predicted wind-power generation in the EU could triple. reaching 1.100TWh year.
Meanwhile. falling costs and supportive government policies have helped renewables more broadly to become the `technology of choice` in power markets worldwide. the IEA noted.
With this trend continuing. renewables could make up almost two-thirds of global capacity additions to 2040. it forecast.
Clean energy sources could also account for more than 40% of total generation in the global power mix by this date — up from 25% today — the IEA stated.
However. coal and gas will remain the largest and second largest individual sources of generation respectively by 2040.
Electrification
The IEA also noted the digital economy and electric vehicles were driving increasing demand for electrification around the world.
Higher electrification would lead to a peak in oil demand by 2030 and reduce harmful local air pollutants. the agency stated.
However. without stronger efforts to increase the share of renewables. the impact of electrification on carbon emissions would be negligible. the IEA warned.
Fatih Birol. executive director of the IEA. said: `If the world is serious about meeting its climate targets then. as of today. there needs to be a systematic preference for investment in sustainable energy technologies.
`We also need to be much smarter about the way that we use our existing energy system.`
