News Worms
News Worms

Renewables to grow by 1 TW by 2022 - IEA

Renewables to grow by 1 TW by 2022 - IEA

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.

In its report, the IEA expects global renewable electricity capacity to rise by more than 920 gigawatts (GW), or 43%, by 2022, because of supportive policies for low-carbon energy and cost reductions for solar PV and wind.

The predicted growth in renewable power capacity is now 12 per cent higher than it was in last year's prediction.

The world is witnessing "the birth of a new era" in solar power, with the technology growing faster than any other fuel in 2016, the International Energy Agency said. The country is seeking to reduce its reliance on coal and has become the world's largest market for renewables, particularly solar.

Renewable electricity generation is expected to expand by more than one-third by 2022, to more than 8 PWh - equivalent to.

Globally, China and India lead renewable capacity growth projections.

"Solar PV is entering a new era", said an ebullient IEA in its report.

India's moves to address the financial health of its utilities and tackle grid-integration issues drive a more optimistic forecast, according to IEA.

The US is the second largest market for renewables, but there is uncertainty in the future over federal tax reforms, global trade and energy policy, the report said.

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

"China's renewables growth is largely driven by concerns about air pollution", the Paris-based institution admitted.

"The star is really becoming solar PV, which becomes the leader in renewable growth", said Frankl. By 2022, renewables would account for 30 per cent of power generation, up from 24 per cent in 2016.

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. "Solar power is clearly the most important new clean energy source, with more new capacity added in 2016 than dirty coal", said Jan Erik Saugestad, CEO of Storebrand Asset Management.


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