IEA: Renewable Energy to Overtake Coal in Electricity Generation
The International Energy Agency (IEA) expects renewable energy sources to overtake coal in electricity generation by 2025.
The volume of renewable energies used to generate electricity reached about 8,350 terawatts in 2022, and the agency expected it to rise by 29% to reach 10,800 terawatts by 2025.
Coal is the most used energy source to generate electricity, as agency data showed that up to 10,325 terawatts of coal were used to generate electricity last year. It is expected to decrease by 1% to 10,217 by 2025.
ACWA Power Commitment to Renewable Energy
ACWA Power, a leader in power generation, has made a bold move. They signed a Power Purchase Agreement (PPA) with Saudi Power Procurement Company (SPPC). The deal is worth $3.9 billion. It focuses on developing power plants in Madinah and Qassim.
This agreement marks a major step in renewable energy. ACWA Power is investing heavily in Madinah and Qassim. These plants will meet the growing energy needs of the regions. They represent a shift towards sustainable energy sources.
Economic and Environmental Impact
The investment will significantly boost the local economies. It will create jobs and spur economic growth in Madinah and Qassim. The plants will provide stable, clean energy to these areas.
Moreover, this project aligns with Saudi Arabia’s Vision 2030. The vision aims to diversify the economy and reduce oil dependence. ACWA Power’s plants in Madinah and Qassim are steps towards this goal.
ACWA Power’s agreement with SPPC is groundbreaking. It emphasizes the company’s commitment to renewable energy. ACWA Power Madinah and Qassim projects are paving the way for a sustainable future in energy.
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