EIA commands renewables to be the leading source of energy in five years to come
EIA commands renewables to be the leading source of energy in five years to come

In international news, the International Energy Administration (IEA) recently released its annual market report the Medium-Term Renewable Energy Market Report 2015 (MTRMR) at the G20 Energy Ministers meeting.

The report highlights the rapid growth of renewable energy, predicting that renewables to be the largest single source of energy growth over the next five years. This growth is driven by falling costs and aggressive expansion in emerging economies, the Vanguard reports.

Government negative policies

In the report, the IEA advises against government policies which create doubts around the deployment of renewables, pointing out the advantages which the renewable energy provides,  such as affordably mitigating climate change as well as improving energy security.

The IEA’s Executive Director, Fatih Birol, said “Governments must remove the question marks over renewables if these technologies are to achieve their full potential, and put our energy system on a more secure, sustainable path.

“Renewables are poised to seize the crucial top spot in global power supply growth, but this is hardly time for complacency.”

Renewable energy increasing capacity

According to the report renewable energy additions over the next five years will top 700GW, more than twice Japan’s current installed power capacity.

“They will account for almost two-thirds of net additions to global power capacity – that is, the amount of new capacity that is added, minus scheduled retirements of existing power plants.

“Non-hydro sources such as wind and solar photovoltaic panels (solar PV) will represent nearly half of the total global power capacity increase,” according to the report.

The report further noted that the share of renewable energy in global power generation will rise from 22% in 2013 to over 26% by 2020.

“By 2020, the amount of global electricity generation coming from renewable energy will be higher than today’s combined electricity demand of China, India and Brazil.”

The report also highlighted that the geography of deployment will increasingly shift to emerging economies and developing countries, which will make up two-thirds of the renewable electricity expansion to 2020.

It noted that renewable generation costs have declined in many parts of the world due to sustained technology progress, improved financing conditions and expansion of deployment to newer markets with better resources.