You are here: Home » Economy & Policy » News
Business Standard

Growth of renewables 12% higher than last year's

Renewable forecast for 2017 is 12 per cent higher than last year, mostly due to upward revisions of solar PV in China and India

Aditi Divekar  |  Mumbai 

PE investment in wind, solar up 47% in 2017

New grew by 50 per cent in 2016, with China accounting for almost half of the global expansion, according to the International Energy Agency's latest renewables market analysis and forecast. For the first time, solar PV additions rose faster than any other fuel, surpassing the net growth in coal.
 
Boosted by a strong solar PV market, renewables accounted for almost two-thirds of net new power capacity around the world last year, with almost 165 gigawatts (GW) coming online, according to a report, Renewables 2017. Renewables will continue to have strong growth in coming years. By 2022, renewable electricity capacity should increase by 43 per cent.

"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,” the report quoted Fatih Birol, the executive director of IEA, as saying. "What we are witnessing is the birth of a new era in solar PV. We expect that growth will be higher than any other renewable technology through 2022." he added.

for 2017 is 12 per cent higher than last year, mostly due to upward revisions of solar PV in China and India. Three countries — China, India and the US — will account for two-thirds of global renewable expansion by 2022. Total by then would exceed the combined power capacities of India and Japan.

In power generation, renewable electricity is expected to grow by more than a third by 2022 to over 8,000 terawatt hours, which is equivalent to the total power consumption of China, India and Germany combined. By then, renewables will account for 30 per cent of power generation, up from 24 per cent in 2016. 

The growth in renewable generation will be twice as large as that of gas and coal combined. Though 
coal remains the largest source of electricity generation in 2022, renewables close the generation gap with coal by half in just five years.

First Published: Thu, October 05 2017. 03:02 IST
RECOMMENDED FOR YOU