New era of solar power evident on the horizon: IEA

Image via Pixabay

Image via Pixabay

She added that clean energy is also one of the fastest-growing sources of new jobs and contributes billions of dollars to the USA economy every year.

Renewables accounted for nearly two-thirds of net, new power capacity around the world past year, with nearly 165 gigawatts (GWs) coming online, according to the IEA.

"We see renewables growing by about 1,000 GW (gigawatts) by 2022, which equals about half of the current global capacity in coal power, which took 80 years to build", Fatih Birol, the IEA's executive director, said in a statement within the report.

The US is to be the second-largest growth market for renewables despite uncertainties about the policy. "This growth is enough to overtake renewable expansion in the European Union for the first time".

India is expected to more than double its current renewables capacity by 2022, IEA said.

Renew Power Ventures, the source said, has emerged as the lowest bidder by quoting Rs 2.64 per unit for a capacity of 250 MW, followed by Orange Sironj Wind Power at Rs 2.64 for 200 MW.

In its report, the IEA labeled China as the world's "undisputed renewable growth leader", driven by concerns about air pollution and capacity targets that were outlined in the country's 13th Five-Year Plan (2016-20).

As per provisions of scheme additional 100 MW capacity can be allotted to Central Public Sector Enterprises (CPSEs) willing to undertake development of inter-state transmission system (ISTS) connected wind power projects at the lowest bid tariff of Rs.2.64/kWh, for which they have to submit their proposal within 30 days from the declaration of results of e-reverse auction.

The IEA predicts that in the next five years, growth in renewable generation will be twice as large as that of gas and coal combined.

In terms of 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. Grid integration remains a key challenge for China, the IEA added.

China represents half of global solar PV demand, while Chinese companies account for around 60% of total annual solar cell manufacturing capacity globally.

In a Bloomberg News report, renewable energy in 2016 received $10.9 billion in tax preferences, compared with $4.6 billion for fossil fuels. The report indicated another record for growth in renewable energy. For the first time, solar additions rose faster than any other fuel, including coal.

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