(Yicai Global) Oct. 9 -- China is poised to overtake the EU to become the world's largest consumer of renewable energy by 2023, thanks to government policy to spur clean power development, the International Energy Agency said yesterday.
The world needs to use more renewable energy, above all outside the electricity sector, since it will otherwise falter in the fight against climate change, the Paris-based autonomous intergovernmental agency advised, online news portal Sina reported.
Clean energy will make up 30 percent of world power generation by 2023, but will feed only 12.4 percent of global energy demand, per the IEA's Renewables market analysis and forecast report for this year.
The use of renewable power resources in households and industrial transport and heating is often overlooked, though decarbonization in these areas is a key priority for achieving the IEA's long-term climate and sustainable development goals, said Fatih Birol, IEA's director-general.
Alternative energy will only meet 18 percent of global energy demand by 2040 at the current development rate, the IEA projects, well below the 28 percent minimum threshold the agency believes is needed to mitigate the effects of climate change.
The growth of sustainable energy may be 25 percent faster than today's if governments issue policies and regulations that inspire businesses and investors with the confidence to invest in clean energy, the IEA further noted.
Editor: Ben Armour