Good news – renewables are now the largest source of installed power in the world!

Credit: The Brattle Group/Google

“Renewables have surpassed coal last year to become the largest source of installed power capacity in the world.” – International Energy Agency (IEA)

More good news – “Over the next five years, renewables will remain the fastest-growing source of electricity generation, with their share growing to 28% in 2021 from 23% in 2015.” – IEA

IEA – “IEA raises its five-year renewable growth forecast as 2015 marks record year”
https://www.iea.org/newsroom/news/2016/october/iea-raises-its-five-year-renewable-growth-forecast-as-2015-marks-record-year.html

Electrek – “Renewable energy overtakes coal as world’s largest source of power capacity”, https://electrek.co/2016/10/25/renewable-energy-overtakes-coal-as-worlds-largest-source-of-power-capacity/

Climate Council – “Historic milestone: renewables now largest source of installed power in the world”
https://www.climatecouncil.org.au/renewables-now-largest-source-of-installed-power-in-the-world / International Energy Agency significantly increasing five-year growth forecast renewables strong policy support key countries sharp cost reductions renewables surpassed coal become largest source installed power capacity in the world latest edition IEA’s Medium-Term Renewable Market Report renewables growing 13% more between last year’s forecast stronger policy backing United States China India Mexico forecast period costs expected drop by a quarter solar PV 15 percent onshore wind turning point renewables wind solar renewables more than half new power capacity around the world reaching record 153 Gigawatt GW 15% more than the previous year gains driven record-level wind additions 66 GW solar PV additions 49 GW half a million solar panels installed every day around world last year China accounted about half the wind additions 40% all renewable capacity increases two wind turbines installed every hour 2015 witnessing transformation global power markets led renewables center of gravity renewable growth moving to emerging markets Dr Fatih Birol IEA’s executive director many factors behind remarkable achievement more competition enhanced policy support key markets technology improvements climate change mitigation powerful driver renewables many countries cutting deadly air pollution diversifying energy supplies improve energy security play equally strong role growing low-carbon energy sources especially emerging Asia next five years renewables remain fastest-growing source electricity generation their share growing 28% 2021 23% in 2015 renewables are expected cover more than 60% increase world electricity generation over medium term rapidly closing the gap with coal generation from renewables expected exceed 7600 TWh by 2021 equivalent total electricity generation United States European Union put together today 2015 was an exceptional year grounds for caution policy uncertainty persists too many countries slowing down the pace of investments rapid progress variable renewables such as wind solar PV exacerbating system integration issues in a number of markets cost of financing remains barrier many developing countries progress in renewable growth heat and transport sectors remains slow needs significantly stronger policy efforts IEA two-speed world renewable electricity over next five years Asia takes the lead in renewable growth region’s fast-paced rise electricity demand China alone responsible 40% global renewable power growth represents only half country’s electricity demand increase contrast European Union Japan United States where additional renewable generation outpace electricity demand growth between 2015 and 2021 IEA report identifies policy market frameworks boost renewable capacity growth by almost 30% next five years annual market 200 GW by 2020 accelerated growth put the world on a firmer path to meeting long-term climate goals records for renewables projections growth over the next five years more optimistic Dr. Birol higher expectations remain modest huge untapped potential renewables IEA working with governments around the world maximize deployment renewables in coming years /