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The construction of solar farms, wind turbines and other renewable energy sources will increase over the next five years as countries set stricter climate policies and more ambitious emissions targets.

The new renewable electricity capacity will set a new record this year, with 290 gigawatts. a new report From the International Energy Agency This is roughly equivalent to building around 300 nuclear reactors or about 150 Hoover Dams and is happening despite global supply chain problems, rising material costs and covid restrictions.

By 2026, global capacity from these carbon-neutral sources will increase by more than 60% from last year’s levels, as the intergovernmental research organization is now projecting. That would add up to about 4,800 gigawatts, on par with all fossil fuel and nuclear power plants in the world today.

In addition, renewable energy will account for 95% of the total capacity increase in the energy sector during this period.

Building new wind and solar power plants does not mean that renewables are replacing fossil fuels – because energy demand is also increasing. It remains to be seen how quickly carbon-free sources will become the dominant source of electricity globally and rapidly replace coal, natural gas and other polluting sources.

While renewables now account for most of the new capacity built, the level of electricity generation by source can jump significantly from year to year, depending on changing costs, weather conditions and more. But production from coal has declined over the past few years, and solar, hydro and wind have increased, according to BloombergNEF. In fact, these three sources accounted for all growth Electricity generation from coal, natural gas and nuclear power plants all decreased in electricity generation last year.

The IEA’s forecast for 2026 is a significant upward revision, 40% higher than last year’s forecast. The agency cited, among other things, the booming economy of renewable energy, increasing national emissions reduction commitments. last UN climate conference, and internal developments and policies.