Renewable power generation is expected to have “rapid growth” over the next five years according to a new International Energy Agency report which predicts the coming-of-age of the sector.
Despite economic uncertainties in many countries, the report says, global power generation from hydropower, solar, wind and other renewable sources is projected to increase by more than 40% to almost 6 400 terawatt hours (TWh). That’s roughly one-and-a-half times current electricity production in the United States.
Maria van der Hoeven, the IEA’s Executive Director said: “Renewable energy is expanding rapidly as technologies mature, with deployment transitioning from support-driven markets to new and potentially more competitive segments in many countries.”
The Agency’s first-ever Medium-Term Renewable Energy Market Report looked at 15 key markets for renewable energy, which currently represent about 80% of renewable generation.