Renewable Energy Grew At Record Pace In 2016

Renewable Energy Grew At Record Pace In 2016

Market Update October 17, 2017

Renewable energy capacity grew at a record pace last year buoyed by government policies in Asia, stated by the International Energy Agency. The world added 6% more renewable energy capacity in 2016 than in the previous year, according to a report by the IEA, a Paris- based organization that advises governments on energy. The growth in renewables was underpinned by a surge in the addition of solar power capacity in China.

Beijing has adopted pro-renewable policies in a bid to curb air pollution and reduce its reliance on foreign oil. China is also the largest manufacturer of solar panels.

China’s Solar Power Target – More than Doubled


Solar installation in China has far exceeded any and all expectations, and the 2020 solar power target has been more than doubled due to the overwhelming successes. By the end of July this year, China's solar PV capacity topped 112GW. This is after the installation of a 35GW in just seven months. That number is more than twice as much solar capacity installed by any other country in all of 2016. But, solar isn’t the only renewable energy China is using to its benefit. According to an article in EcoWatch, China is on track to install at least 110.4 GW in onshore wind capacity over the next three years.

Fatih Birol, the executive director of the IEA, called the ascension of solar power “a remarkable benchmark,” while speaking at a press conference in London.

Worldwide, solar power surged ahead of all other fuels growing by 74 gigawatts in 2016, 50% higher than the previous year.

While China accounted for the lion’s share of all the growth in renewables at 41%, the U.S. came in second and distinguished itself by surpassing the European Union and adding 24 gigawatts of renewable power in 2016, a 44% increase from a year earlier.

Other types of renewable energy drove growth elsewhere. In Sub-Saharan Africa, for instance, the growth in renewable energy was driven by the addition of hydropower.

Fossil fuels remain the world’s top commodity for electricity generation, but renewables are narrowing the gap, the IEA said. The agency forecasts that renewable power will equal half of the current total coal capacity by 2022.

Overall, renewable power generation grew by 7% last year and accounted for more than 24% of the global electricity mix, with coal remaining the leading energy source.

Last year the world got most of its renewable energy from hydropower followed by wind, bioenergy, solar and a few others.

If current government policies remain in place, the IEA forecasts that renewable power generation will exceed 8000 terawatts by 2022, a number that is equal to the generation of China, India and Germany combined.

The data is very “important for the fossil fuel industry to take note of,” said Mr. Birol.


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