According to forecasts by the International Energy Agency (IEA), renewable energy is on track to become the world's largest source of electricity by 2026, mostly driven by the rapid growth of wind and solar energy. These two energy sources alone are expected to exceed 6,000 terawatt hours (TWh) in capacity by 2026. 

Despite opposition from some political groups, the IEA predicted that wind and solar will contribute to more than 90 per cent of the global increase in electricity demand through 2026. This growth is complemented by a steady rise in hydropower which will also contribute to the renewable energy surge. 

The transition to renewables is happening alongside a continued rise in nuclear and gas power, which will reach record highs by 2026. However, coal-fired generation will decline, particularly in China and the EU, leading to a decrease in power-sector emissions.   

The IEA forecasted that coal's global share will drop to just 32 per cent (its lowest in a century), while renewables will make up 36 per cent of the energy mix by 2026. 

The combined share of wind and solar in global electricity generation has already grown significantly from just one per cent in 2005 to 15 per cent in 2024. By 2026, this figure is expected to approach 20 per cent, further accelerating the decline of coal. 

The IEA attributed this shift to strong renewables growth and increased coal-to-gas switching across multiple regions. Gas power is projected to rise by 1.3 per cent annually in the coming years. 

This transformation is occurring even as global electricity demand grows faster than in previous years, with forecasts showing a 3.3 per cent increase in 2024 and 3.7 per cent in 2025, compared to an average of 2.6 per cent between 2015 and 2023.

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