Renewables are the fastest-growing power generation sector, according to IEA

Silicon Energy Solar Panels
Silicon Energy Solar Panels

Power generation from hydro, wind, solar and other renewable sources worldwide will exceed that from gas and be twice that from nuclear by 2016, the International Energy Agency (IEA) said in its second annual Medium-Term Renewable Energy Market Report (MTRMR).

According to the MTRMR, renewable power is expected to increase by 40% in the next five years. Renewables are now the fastest-growing power generation sector and will make up almost a quarter of the global power mix by 2018, up from an estimated 20% in 2011. The share of non-hydro sources such as wind, solar, bioenergy and geothermal in total power generation will double, reaching 8% by 2018, up from 4% in 2011 and just 2% in 2006.

Two main factors are driving the positive outlook for renewable power generation:

  1. Investment and deployment are accelerating in emerging markets, where renewables help to address fast-rising electricity demand, energy diversification needs and local pollution concerns while contributing to climate change mitigation.
  2. In addition to the well-established competitiveness of hydropower, geothermal and bioenergy, renewables are becoming cost-competitive in a wider set of circumstances.

Read the original article here.

Leave a Reply

Your email address will not be published. Required fields are marked *