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

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

A report shows that solar energy was the fastest-growing source of power previous year, accounting for nearly two-thirds of net new capacity globally.The International Energy Agency said Wednesday that the rise was due to a boom in photovoltaic panel installations, particularly in China, thanks to a drop in costs and greater support from governments.

"For the first time, solar PV additions rose faster than any other fuel, surpassing the net growth in coal", the agency said. "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, the IEA's executive director, said.

According to IEA's Renewables 2017 report, after another record year in 2016, renewables will expand by more than 920 GW by 2022, representing an increase of 43%. Solar and wind power in India combine for about 90 percent of new capacity growth. The IEA said the main drivers remain strong for new onshore wind and solar capacities, such as federal tax incentives combined with renewable portfolio standards as well as state-level policies for distributed solar PV.

"What we are witnessing is the birth of a new era in solar PV [systems]", he said in a statement.

The report said the next chapter in the rise of renewables required more work to integrate new technologies into energy systems and increase their application in buildings, industry and transport.

The IEA, however, expects the growth in hydro power capacity to "slow significantly" beyond 2022, after a raft of new hydro projects come online.

More news: Trump blasts Puerto Rican mayor for 'poor leadership' in hurricane relief crisis

In line with its recent determination to end up a victor in the renewable energy market, China led the way on building solar capacity.

The share of renewables in power generation will reach 30 per cent in 2022, up from 24 per cent in 2016.

Despite policy uncertainty, the U.S remains the second-largest growth market for renewables, the report said.

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. By the end of 2016, China had increased its solar PV capacity by almost 800 times, with more than 77 gigawatts now installed.

Although coal will still be the largest source of electricity generation in 2022, renewables is on track to close the generation gap with coal by half in just five years.


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