The International Energy Agency’s (IEA) current market forecast has predicted that modern bioenergy will have the biggest growth in renewable resources between 2018 and 2023.
According to the IEA’s market analysis and forecast report, renewables are to continue increasing over the next 5 years and will be covering 40% of global energy consumption growth. They are mostly increasing within the electricity sector and are set to account for almost a third of the world electricity generation in 2023.
Due to weaker policy support and additional barriers to deployment, the use of renewables expands significantly slowly to the transport and heat sectors. Meanwhile, the growth in solar PV and wind is set to stay in the electricity sector as the IEA expects that bioenergy will remain the largest source of renewable energy. This is due to how commonly used it is in the heat and transport sectors of which other renewables are less frequently used.
The IEA’s executive director, Dr Faith Birol, said in a statement that “Modern bioenergy is the overlooked giant of the renewable energy field. Its share in the world’s total renewables consumption is about 50% today, in other world’s as much as hydro, wind, solar and all other renewables combined.”
He continued to state that the IEA “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.”