Renewable energy will be the largest source of electricity growth by 2020.
The International Energy Agency (IEA) stated green sources electricity additions will reach 700GW in the next five years.
Its ‘Medium-Term Renewable Energy Market Report 2015’ added wind and solar will represent almost half of the total global power capacity increase.
The share of renewable energy globally will rise to more than 26% by 2020.
The amount of global electricity generation from renewables will be higher than today’s combined electricity demand of China, India and Brazil, the IEA stated.
The lead of renewables will be driven by falling costs and “aggressive” expansion in emerging economies which will make up two-thirds of the renewable electricity expansion in the same period.
China alone will account for nearly 40% of total renewable power capacity growth and requires almost one-third of new investment, the IEA added.
The report stated renewables also help mitigate climate change and enhance energy security and warns governments to reduce policy uncertainties that are acting as “brakes on greater deployment”.
Fatih Birol, Executive Director of the IEA said: “Governments must remove the question marks over renewables if these technologies are to achieve their full potential, and put our energy system on a more secure, sustainable path.”
“Affordable renewables are set to dominate the emerging power systems of the world, with excellent hydro, solar and wind resources, improving cost-effectiveness and policy momentum, renewables can play a critical role in supporting economic growth and energy access in Sub-Saharan Africa, meeting almost two-thirds of the region’s new demand needs over the next five years.”