According to Reuters, energy experts believe that renewable capacity worldwide could grow by as much as 2.400 GW to a total of 5.640 GW by 2027.

The estimated growing amount, which is the equivalent to China's power output today, is 30% higher than last year and the main reasons for the energy transition acceleration are the increase in energy prices and energy security.

IEA Executive Director Fatih Birol said that "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 capitalize on their energy security benefits."

The expansion of renewables could also make them the largest source of energy by early 2025, accounting for 90% of new energy projects in the next five years.

Solar and wind power are the favorite energy sources, according to experts, as the former will triple by 2027, while the latter will expand two times.

To reduce the emissions coming from transport and other fossil fuel industries, biofuels are also set to increase by 22% before the end of 2027, according to experts.