The International Energy Agency has urged that renewables will make up the major part of new electrical power generation capacity over the next 5-years, with solar photovoltaic as the second largest electricity generation technology.
The IEA today unveiled its Medium-Term Renewable Energy Market Report 2015, which is expecting greater development for renewable energy worldwide, moved by technology cost reductions. The International Energy Agency anticipates renewable energy accounting for two-thirds of net additions to generation capacity globally.
Adding in excess of 700 giga watts, renewables will enhance share in global electricity production from 22 percent in 2013 up to 26 percent by 2020, which the IEA has labelled as a “remarkable shift in a very limited period of time.”Solar looks set to play a major role in renewable energy utilization in this period, which will be the second largest source of new generation capacity, behind onshore wind.
Generally, the International Energy Agency predicts that in OECD countries nearly all generation capacity being added will be entirely renewables. China is set to lead all nations in terms of renewable energy utilization, itself accounting for 40 percent of world’s renewable energy capacity development, pursued by the European Union and the United States.Solar Photovoltaic is anticipated to make a huge impact in Sub-Saharan African countries, where renewable energy is predicted to meet two-thirds of the development in demand for electricity. The IEA indicates: “affordable small scale solar PV can help access in rural areas and improve electricity provision in urban zones, where grid connected power is not always reliable.”
Affordable renewables are set to dominate the emerging power systems of the world,” stated IEA Executive Director FatihBirol. “With excellent hydro, solar and wind resources, improving cost-effectiveness and policy momentum, renewables can play a critical role in supporting economic growth and energy access in Sub-Saharan Africa, meeting almost two-thirds of the region’s new demand needs over the next five years.”
In the accelerated scenario, the International Energy Agency plots, renewables utilization could be 25 percent greater than in the main case. The IEA notes that a “supportive outcome” from the forthcoming COP 21 climate negotiations in Paris “could create a virtuous cycle for renewable deployment.”