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Renewable Power Generation Continues to Grow Strongly, Reaching Almost 22 Percent of the Global Mix

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Image credit: Elliott Brown via Flickr

According to a latest report by the International Energy Agency, renewable power capacity, with its fastest pace so far, had reached about 22 percent of the global mix last year. That figure was 21 percent in 2012 and 18 percent in 2007 respectively. Renewable electricity generation refer to that from hydro, wind and solar. However, owing to uncertainty over policy support, the promotion of renewable energy would be slowed down over the next five years,

It is expected by the International Energy Agency that renewable energy could have a share of a quarter in global electricity generation by 2020, however its annual growth would be slowed down and remain stabilized after 2014, which would put renewables to be at risk for meeting the global climate change goals.

As Maria van der Hoeven from the Agency said in a news release, renewables were necessary to the energy security. But if it came to take a cost-competitive choice in some cases, policy and regulatory uncertainty would increasingly influence the key markets as a whole, because there were many concerns about the costs for exploring the renewables. And Governments should have a clear distinction between the past, present and future, as costs would be lower with time going on.

The International Energy Agency’s report also offered a renewable generation investment outlook. From now to 2020, investment in new renewable power could be nearly $230 billion at average annually, which would be lower than the figure of $250 billion invested all over world in 2013. The reason for such decline was that unit costs were considered to be decreased and global capacity growth would be expected to slow as well.

While focusing on electricity and transportation sectors, the contribution of renewables to heating and cooling should be developed much further. It was thought that renewable energy sources would go up to 25 percent in 2020, but their share in energy use for heating was only 9 percent, that figure was 8 percent in 2013.

Source:  International Energy Agency

Image: Elliott Brown via Flickr CC BY 2.0