Friday, 20 October, 2017

Solar Energy Is Growing Faster Than Any Other Energy Source

NRDC Report: Clean Energy Revolution Shatters Records & Projections Canada's renewable energy growth projections scaled back after Ontario scraps clean energy program: Report
Steve Phelps | 05 October, 2017, 00:36

The report stressed the need for the developing Asia region and sub-Saharan Africa to step up their investment in renewables, particularly off-grid solar appliances to reach low-income populations.

Electric vehicles numbers will double by 2022, but biofuels will still make up 93 percent of renewables consumed in the transport industry, the IEA estimates.

The IEA report comes as Ottawa aims to drastically cut carbon emissions, largely by expanding renewable energy capacity. "That is half of the total capacity of coal fired power plants worldwide", said Frankl, "and it has taken 80 years to build all of those". For the first time, solar PV additions rose faster than any other fuel, surpassing the net growth in coal, the International Energy Agency (IEA) said.

In the European Union, renewable growth over the forecast period is 40 percent lower compared with the previous five-year period, IEA said.

The International Energy Agency (IEA) said solar accounted for nearly two-thirds of net new power capacity globally in 2016, having climbed by some 74 gigawatts on the previous 12 months.

In 2016, net additions to renewable energy capacity - including hydropower, solar, wind, bioenergy, wave and tidal - set another world record, growing by 165 gigawatts (GW), 6 per cent more than in 2015, the report said.

Despite the United States now being the second largest solar energy creator, analysts hinted that USA federal policy could hamper growth in solar capacity.

The influential Paris-based agency said its recent outlook for Canadian renewables was "less optimistic" than its 2016 projection due to "recent changes in auctions schemes in Ontario and Quebec".

Solar capacity in Canada is expected to grow by 2GW to 4.7GW in 2022, mostly due to feed-in-tariff programs in Ontario and renewable energy tenders now underway in Alberta.

By 2022, the amount of solar that has been installed globally will exceed the combined total electricity capacity of India and Japan today.

China is leading the pack with solar PV accounting for about half of the total global expansion. Upward trends in China and India mostly drove the increase. "Solar power is clearly the most important new clean energy source, with more new capacity added in 2016 than dirty coal", said Jan Erik Saugestad, CEO of Storebrand Asset Management. But even considering the explosive growth of solar and wind, coal will remain the largest source of electricity under the current scenario.

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