Renewables To Account for a Third of Global Power Generation in 2022

Renewables To Account for a Third of Global Power Generation in 2022

Renewables To Account for a Third of Global Power Generation in 2022

The IEA calculated that new solar PV capacity grew by 50 per cent previous year, with China accounting for nearly half of the global expansion. For the first time, solar PV additions rose faster than any other fuel, surpassing the net growth in coal, the International Energy Agency (IEA) said.

The IEA said renewables will continue to show strong growth over the coming years with electricity capacity set to increase by more than almost 1,000 gigawatts (GW), or 43 per cent, by 2022.

Despite policy uncertainty, the U.S remains the second-largest growth market for renewables, the report said. "What we are witnessing is the birth of a new era in solar PV", said IEA Executive Director Fatih Birol.

Buoyed by a 50% increase in solar capacity around the world, the International Energy Agency has raised its forecasts for renewable energy over the next five years.

The IAE predicted that China, India and America would account for two-thirds of global renewable expansion by 2022 and that renewables would account for 30 percent of global power generation, up from 24 percent in 2016. The world is collectively expected to grow renewable electricity capacity by 43 per cent between 2017 and 2022.

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The IEA, however, expects the growth in hydro power capacity to "slow significantly" beyond 2022, after a raft of new hydro projects come online. Solar and wind power in India combine for about 90 percent of new capacity growth.

The IEA addressed the proposed tax plan, saying "the current uncertainty over proposed federal tax reforms, global trade, and energy policies could have implications for the relative economics of renewables and alter their expansion over the forecast period".

The surge of photovoltaics in China is largely due to government support for renewables, which are being demanded by a population concerned about air pollution and environmental degradation that has led to deadly smogs.

It also warned that growth of renewable energy in the European Union was set to be some 40 percent lower, as the bloc awaits the adoption of the EU's revised Renewable Energy Directive, which is now being discussed in the European Parliament, and would cover the period 2021 to 2030.

Prices for wind and solar power fell past year to record lows in countries including India, the United Arab Emirates, Mexico and Chile, making the technologies increasingly comparable with or cheaper than energy from new gas or coal power stations. While coal is expected to remain the largest source of electricity generation in 2022, its lead over renewables will be halved.

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