The International Energy Agency (IEA) predicts that more energy will be generated from wind and solar power than from coal within three years. The December 2022 IEA report forecasts a 75% increase in renewable power worldwide over the next five years, with solar becoming the biggest source of electricity by 2027.

The expansion of renewables has recently increased dramatically. Fatih Birol, IEA’s executive director, said in a statement, “The world is set to add as much renewable power in the next five years as it did in the previous 20 years.”

While it might be supposed that climate change is the key driver in that factor, IEA found that price and security were the leading causes supporting renewables development. High fossil fuel and electricity prices make renewable power more enticing on a financial level.

Russia’s invasion of Ukraine disrupted supply chains for fuel importers, shifting the focus to energy security. As a result of the war, the European Union raised its decarbonization targets to reduce its dependence on foreign oil. Last year, Russia was their largest supplier of oil and gas.

The EU isn’t alone in seeking energy security. The United States passed the Inflation Reduction Act, part of which is designed to increase expansion of solar and wind power. China and India also plan to double their installed solar and wind capacity over the next five years.

But even with this accelerated push to add more clean energy sources, the IEA indicates that the goal of meeting net-zero emissions by 2050 likely remains out of reach. According to their report, developed nations can get three-quarters of the way to the goal if they simplify and speed up permitting for power projects and upgrade transmission lines. Affordable financing for renewable projects would help developing nations reach the goal. It’s critical to fast-track the move to renewable energy to limit global warming to 1.5°C to elude the worst effects of climate change.

With use of nuclear, hydropower and geothermal power expected to decline, and with fossil fuels still the leading source of energy for heating, the growth of solar and wind power is critical toward reaching the goals of clean, affordable and secure power.