Renewables To Account for a Third of Global Power Generation in 2022

Wind Tariffs May Fall Further In Sale

A new report expects growth in Canadian renewable energy capacity to slow in the next five years compared to earlier projections, a decrease that comes after Ontario scrapped a contentious clean energy program aimed at boosting wind and solar supplies.

Last year, new solar photovoltaic (PV) capacity around the world grew by 50 per cent, reaching over 74 gigawatts (GW), with China accounting for nearly half of this expansion.

For the first time, solar PV additions increased faster than any other fuel, eclipsing the net growth in coal.

"We see renewables growing by about 1,000 GW by 2022, which equals about half of the current global capacity in coal power, which took 80 years to build", said IEA executive director Fatih Birol. The country is seeking to reduce its reliance on coal and has become the world's largest market for renewables, particularly solar.

India is expected to more than double its current renewables capacity by 2022, IEA said.

China, India and the United States are set to make up two-thirds of global renewable expansion by 2022. "This marks a turning point and underpins our more optimistic solar PV forecast".

"In fact, China already exceeded its 2020 solar PV target three years ahead of time and is set to achieve its onshore wind target in 2019", it added.

"Solar PV is entering a new era", said an ebullient IEA in its report. As Dr. Paolo Frankl, one of the lead authors on the report, said on a call to reporters, "In one year, China will install the equivalent of the total history of solar development in Germany".

In line with its recent determination to end up a victor in the renewable energy market, China led the way on building solar capacity.

By then, renewables will account for 30 per cent of power generation, up from 24 per cent in 2016.

The IEA, however, expects the growth in hydro power capacity to "slow significantly" beyond 2022, after a raft of new hydro projects come online.

IEA also said that in spite of rapidly rising sales of electric vehicles (EV), the share of renewables in road transport will likely rise only slightly to 4.5% in 2022 from over 4% in 2016.

Despite the United States now being the second largest solar energy creator, analysts hinted that USA federal policy could hamper growth in solar capacity. By the end of 2016, China had increased its solar PV capacity by almost 800 times, with more than 77 gigawatts now installed. While coal is expected to remain the largest source of electricity generation in 2022, its lead over renewables will be halved.

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