?? There is a word for that

The International Energy Agency released its latest renewables report today. It makes for heart-warming (and planet-cooling) reading. I'm just going to extract a few choice nuggets

• Renewables are set to account for over 90% of global electricity expansion over the next five years, overtaking coal to become the largest source of global electricity by early 2025.
• According to the IEA, more renewable capacity will be added in the next five years than in the previous 20. (And the IEA is notorious for underestimating renewables growth, so that five years may end up being three or four. Since last year’s report, the IEA has had to revise its forecasts up 30%, their largest ever revision.)
• Global solar PV capacity is set to almost triple over the 2022-2027 period, surpassing coal and becoming the largest source of power capacity in the world.
• The Russian invasion of Ukraine is credited for spurring more interest and investment in renewables. Distributed, available at many scales and immune to imports of fuel, renewables are the backbone of any nation seeking energy security.
• Renewables’ continued acceleration is critical to help keep the door open to limiting global warming to 1.5 °C

The IEA also lays out a scenario where renewables growth could zip along 25% faster in developed countries by tackling regulatory and permitting roadblocks that would allow renewables to reach into transport and industrial sectors more rapidly.

There is much more in the report, I've only skimmed so far and there is tons of nuance to consider, including the geopolitics of supply chains, geographic differences, and how we tackle harder domains of energy use, like heat.

But my general comment is that we maybe approach a virtuous cycle. More countries will foster policies that encourage the switch to renewables. This will send positive signals to investors to finance such projects. Firms will orient towards them, driving scale in the market and bringing prices down. It's the positive feedback loop that can see markets expand rapidly--in this case a market that we want to expand. There may be short-term supply constraints, particularly for solar panels - but these are transitory and manufacturers will scale up rapidly.

Coming back to the report, Fatih Birol the boss of the IEA sums things up (my emphasis)

“Renewables were already expanding quickly, but the global energy crisis has kicked them into an extraordinary new phase of even faster growth as countries seek to capitalise on their energy security benefits. The world is set to add as much renewable power in the next 5 years as it did in the previous 20 years.”

There is one word that sums all of that up. You know what it is. Pop it in the comments ??