section_path: Market and industry trends/Growth of renewables/Future projections
section_name: Future projections
paragraph_text: Future projections
  
  A December 2022 report by the IEA forecasts that over 2022-2027, renewables are seen growing by almost 2 400 GW in its main forecast, equal to the entire installed power capacity of China in 2021. This is an 85% acceleration from the previous five years, and almost 30% higher than what the IEA forecast in its 2021 report, making its largest ever upward revision. Renewables are set to account for over 90% of global electricity capacity expansion over the forecast period. To achieve net zero emissions by 2050, IEA believes that 90% of global electricity generation will need to be produced from renewable sources.
  
  In June 2022 IEA Executive Director Fatih Birol said that countries should invest more in renewables to "ease the pressure on consumers from high fossil fuel prices, make our energy systems more secure, and get the world on track to reach our climate goals."
  
  China's five year plan to 2025 includes increasing direct heating by renewables such as geothermal and solar thermal.
  
  REPowerEU, the EU plan to escape dependence on fossil Russian gas, is expected to call for much more green hydrogen.
  
  After a transitional period, renewable energy production is expected to make up most of the world's energy production. In 2018, the risk management firm, DNV GL, forecasts that the world's primary energy mix will be split equally between fossil and non-fossil sources by 2050.
  
  Middle eastern nations are also planning on reducing their reliance fossil fuel. Many planned green projects will contribute in 26% of energy supply for the region by 2050 achieving emission reductions equal to 1.1 Gt CO2/year.
  
  Massive Renewable Energy Projects in the Middle East: