IEA lifts five-year renewable energy forecast following record 2016

The US and India are also expected to drive renewables growth.

The Paris-based International Energy Agency (IEA) has today published a new report that states solar PV was the world's fastest-growing energy source in 2016.

Canada's renewable energy capacity is still expected to grow at a robust 10 per cent per year, the report said, and is expected to supply 69 per cent of overall power generation in the country by 2022.

The IEA addressed the proposed tax plan, saying "the current uncertainty over proposed federal tax reforms, worldwide trade, and energy policies could have implications for the relative economics of renewables and alter their expansion over the forecast period".

The ministry said the tariff discovered is much lower than the first wind auction concluded at Rs 3.46 per kWh in February this year.


"When you look at how clean energy development has exploded beyond official government projections from just 10 years ago, it offers hope that its potential will continue to far surpass expectations and we'll meet our USA climate goals".

The report also provides detailed analysis on the renewable consumption of electric cars and off-grid solar deployment in Africa and developing Asia.

Researchers from the United Kingdom and China recently announced five new projects to develop the " next generation" of technology in wind and wave power.

The predicted growth in renewable power capacity is now 12 per cent higher than it was in last year's prediction.

The IEA predicts that in the next five years, growth in renewable generation will be twice as large as that of gas and coal combined. However the forecast for now, according to the IEA, remains bright.


China is leading the renewable electricity capacity expansion over the forecast period with over 360 gigawatts of capacity coming online, or 40 percent of the global total.

According to the IEA's report on Wednesday, renewables accounted for almost two-thirds of net new power capacity in 2016.

Put simply: The world is now building more solar than coal generation, a trend that looks to continue, regardless of any uncertainty in current American energy policy.

NRDC's fifth annual energy report, America's Clean Energy Revolution, confirms the massive shifts in the nation's energy landscape, dominated by clean energy progress, both with records shattered in the past year and a half and from what the U.S. Energy Information (EIA) projected a decade earlier.



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