Paris — Governments’ support and lower costs will power stronger-than-expected global growth in renewable energy over the next five years, the International Energy Agency (IEA) said Tuesday. After a record 2015, global renewable electricity capacity will grow by 825GW by 2021, a 42% rise, the IEA said. The estimate is 13% higher than the agency’s forecast last year. The IEA has been criticised in some quarters for being over-cautious about renewables. In 2021, solar, wind and other renewable sources will comprise 28% of world electricity production compared to 23% in 2015, the IEA said. Last year marked a "turning point" for renewables in terms of investment and use, the IEA declared. The increase is mostly down to "stronger policy backing" in the US, China, India and Mexico, it said. Costs are expected to drop by about 25% for solar panels, and 15% for onshore wind. "We are witnessing a transformation of global power markets led by renewables and, as is the case with other fields, ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.