Government Energy Policy, Business and Technology

IEA Boosts Renewables Growth Forecast as Global Installed Capacity Surpasses Coal

Greentech Media: Global renewable energy deployments are set to grow at a much faster pace than previously anticipated, according to the International Energy Agency.

Renewable energy resources accounted for more than half of the world’s new electricity capacity last year, overtaking coal in terms of installed power capacity. Record-level additions of onshore wind (63 gigawatts) and solar PV (49 gigawatts) drove annual renewable electricity capacity growth in 2015 to an all-time high of 153 gigawatts.

In the latest edition of the IEA’s Medium-Term Renewable Market Report (MTRMR), released yesterday, the agency upped its five-year renewables forecast by 13 percent, due in large part to stronger policies in the United States, China, India and Mexico. The report projects global renewable electricity capacity will increase by 42 percent, or 825 gigawatts, between 2015 and 2021.

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