NEVER WASTE A CRISIS:

The invasion of Ukraine by major oil and gas exporter Russia has triggered an energy crunch and prompted countries in Europe, which were highly dependent on Russian deliveries, to diversify their supplies.

"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," said IEA executive director Fatih Birol.

"The world is set to add as much renewable power in the next five years as it did in the previous 20 years," Birol said in a statement.

"This is a clear example of how the current energy crisis can be a historic turning point towards a cleaner and more secure future world energy system."

The amount of renewable power capacity added in Europe between 2022-2027 is forecast to be twice as high as in the previous five-year period, the IEA said.

EU nations could deploy wind and solar power even faster if they were to quickly streamline the process for receiving permits, the report said.

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