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New era of solar power is now upon us, IEA says

New era of solar power is now upon us, IEA says

"We see renewable growing by about 1,000 GW by 2022, which equals about half of the current global capacity in coal power, which took 80 years to build", said Dr Fatih Birol, executive director of IEA.

The agency added that it expects more than 920GW of clean power to be installed by 2022, an increase of 43%. This made them a leader in the renewable energy production, with the United States following after.

Despite policy uncertainties at the federal level, the USA remains the second-largest growth market for renewable.

The IEA report noted that India's growth in renewable energy generation could surpass the EU's by 2022, while the United States is expected to remain second largest renewables growth market, despite policy uncertainty. "Overall, weaker electricity demand, overcapacity and limited visibility on forthcoming auction capacity volumes in some markets remain challenges to renewable growth".

This higher forecast is because of increase in predictions of China and India's solar PV additions.




While Ontario's decision to scrap the LRP program is a minor setback in the near-term, analysts say that tightening environmental policy in Canada and elsewhere will regardless continue to drive rapid growth in renewable energy supplies like wind and solar.

After success of first wind auction resulted in discovery of record low wind tariff of Rs. 3.46 per kWh in February 2017, the Ministry of New & Renewable Energy sanctioned second wind auction Scheme for setting up of 1000 MW ISTS connected Wind Power Projects on 4 May 2017. As Bloomberg New Energy Finance founder Michael Liebreich pointed out in a recent presentation, actual renewables growth has for many years outpaced IEA's annual forecasts (check out pages 54-74 of this document). Renewable electricity generation will grow by more than a third to over 8,000 TWh. "We expect that solar PV capacity growth will be higher than any other renewable technology through 2022".

Though coal remains the largest source of power generation during that period, green power is expected to close the gap in just five years. Biofuels will still account for over 90% of renewable energy in road transport by 2022.

The growth in the renewables market has been quite startling, with China accounting for large proportion of that growth. With strong support from China, which accounted for almost half of this total, solar photovoltaic growth was faster than any fuel worldwide - passing net growth in coal as the graph below shows.

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