Global Renewable Capacity Overtakes Coal in 2015

The International Energy Agency is significantly increasing its five-year growth forecast for renewables, thanks to strong policy support in key countries and sharp cost reductions.

Renewables surpassed coal last year to become the largest source of installed power capacity in the world, it added.

“We are witnessing a transformation of global power markets led by renewables and, as is the case with other fields, the center of gravity for renewable growth is moving to emerging markets,” said IEA executive director Dr Fatih Birol at the October 25 launch in Singapore of the agency's latest report.

The latest edition of the IEA’s Medium-Term Renewable Market Report sees renewables growing 13% more between 2015 and 2021 than it did in last year’s forecast, mainly the result of policies in the US, China, India and Mexico. Over the forecast period, costs are expected to drop by a quarter in solar PV and 15% for onshore wind.

Over the next five years, renewables will remain the fastest-growing source of electricity generation worldwide, said the IEA, with their share growing to 28% in 2021 from 23% in 2015. Gas-fired generation is the next fastest-growing source but its rate of growth significantly lags renewables.

Mark Smedley