International Energy Agency raises renewable energy forecast for the next five years

By Sophie Chapman
Following a record 2016, the Paris-based International Energy Agency (IEA) has raised its renewable energy forecast for the next five years...

Following a record 2016, the Paris-based International Energy Agency (IEA) has raised its renewable energy forecast for the next five years.

This is predominantly because of the surge in solar photovoltaic (PV) in China, India, and the United States.

In the medium-term renewables market report, the agency stated that it expects global renewable electricity capacity to rise by more than 920GW, or 43%, by 2020, because of supportive policies for low carbon energy and cost reductions for solar PV and wind.

IEA predicts renewable power generation to increase by more than a third to 8,169TWh in 2022 from around 6,012TWh in 2016.

This is the equivalent of the electricity consumption of China, India and Germany combined.

SEE ALSO:

In 2016, hydropower, solar, wind, bioenergy, wave, and tidal – all net additions to renewable energy capacity – created another world record, growing by more than 6% of 2015.

Solar PV capacity grew by 50% to reach more than 74GW last year, being the first time that solar PV has risen faster than any other fuel.

“We see renewables growing by about 1,000 GW by 2022, which equals about half of the current global capacity in coal power, which took 80 years to build,” Fatih Birol, Executive Director of IEA, commented.

“What we are witnessing is the birth of a new era in solar PV. We expect that solar PV capacity growth will be higher than any other renewable technology through 2022.”

IEA’s previous criticism for underestimating the growth of renewables has been contrasted by their new report, stating: “While coal remains the largest source of electricity generation in 2022, renewables close in on its lead. In 2016, renewable generation was 34 percent less than coal but by 2022 this gap will be halved to just 17 percent.”

China will contribute the most to renewable capacity growth, and will be followed by the US and India.

Share

Featured Articles

Inaugural trans-Atlantic flight highlights SAF importance

Virgin Atlantic’s first 100% SAF-powered flight from London to New York leads the way towards greener aviation fuels for long-haul journeys

IBM collaboration to boost fuel cell performance using GenAI

FuelCell Energy’s performance is set to be enhanced by Foundation Models, a form of GenAI developed by IBM, in support of transition to renewable energy

Schneider Electric exec shuffle boosts energy digitalisation

Number one sustainable company, as voted by Sustainability Magazine, Schneider Electric appointed leaders to manage the digitalisation of energy solutions

ManpowerGroup initiative aligns talent with renewable energy

Renewable Energy

Rolls-Royce develops SMRs for a low-carbon energy future

Sustainability

Chevron’s hydrogen investment and green energy endeavours

Renewable Energy