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renewable energy

Global transition to renewables gathers pace

|25 October 2016|

The global transition to renewable energy is gathering pace and growth is outstripping expectations, according to the International Energy Agency (IEA).

Its Medium-Term Renewable Market Report has increased its forecast for renewables growth by 13% more  between 2015 and 2021 than it did in last year’s forecast. The report also reveals that renewables beat coal in 2015 “to become the largest source of installed power capacity in the world.”

“We are witnessing a transformation of global power markets led by renewables and, as is the case with other fields, the centre of gravity for renewable growth is moving to emerging markets,” said Dr Fatih Birol, the IEA’s executive director.

Technology innovations and better policy direction at government level – especially in the United States, China, India and Mexico – are some of the factors identified for the increase. Costs are also predicted to drop over the next five years, a quarter in solar PV and 15% for onshore wind.

 

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Iain Robertson
Written By

Iain is an experienced writer, journalist and lecturer, who held editorships with a number of business focussed publications before co-founding and becoming editor of Innovators Magazine. Iain is also the strategic director for OnePoint5Media.

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