Renewable energy capacity overtakes coal

• 7 years ago (2016-10-26)
• David Flin

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The International Energy Agency (IEA) has announced that renewable electricity generation capacity has overtaken coal-fired power generation capacity. The IEA also said that last year, renewables accounted for more than half of the total increase in global power capacity.

Fatih Birol, Executive Director of the IEA, said: “We are witnessing a transformation of global power markets led by renewables.” He said that the expansion of renewable capacity reflects cost reductions for onshore wind and solar panels that would have been “unthinkable just five years ago.”

The IEA said that it expects the trend of declining costs to continue. Onshore wind and solar are likely to account for three quarters of future growth in renewables. The IEA report said that hydropower will continue to grow, but will do so more slowly than before.

In addition to declining costs, the report mentions government policies that provide financial incentives for using renewable power sources as another factor in renewable growth.