|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.