IEA hails ‘new era’ in solar energy, as it raises forecast for renewable electricity
London — The International Energy Agency (IEA) has raised its forecasts for renewable energy over the next five years following a record 2016, mainly driven by a surge in solar photovoltaic (PV) capacity in China, India and the US. In its medium-term renewables market report, the IEA expects global renewable electricity capacity to rise by more than 920GW, or 43%, by 2022, due to supportive policies for low-carbon energy and cost reductions for solar PV and wind. The projected growth is 12% more bullish than the IEA’s forecast last year. In 2016, net additions to renewable energy capacity — including hydropower, solar, wind, bioenergy, wave and tidal — set another world record, growing by 165GW, 6% more than in 2015, the report said. Solar PV capacity grew by 50% to reach more than 74GW last year and it was the first time solar PV additions rose faster than any other fuel, surpassing the net growth in coal. "We see renewables growing by about 1,000GW by 2022, which equals about half...
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