Global renewable power capacity to rise by 50% in 5 years - IEA

Global renewable power capacity to rise by 50% in 5 years - IEA”

Still, the IEA warned that renewable electricity growth "needs to accelerate significantly" to meet long-term sustainable energy goals.

Electricity capacity from renewable energy is set to expand by as much as 50 per cent in the next five years, bolstered by government support and falling costs.

However, the Paris-based agency say that there is still work to be done in order to moderate the warming of the planet and directly address the current climate crisis.

With this deal, Virginia has taken one more step towards acquiring its aim of producing 30 percent of energy from renewable sources and reducing its carbon emissions as well.

As it stands, the development of new wind, solar, and hydropower technologies is climbing at its fastest rate in four years. "This is a pivotal time for renewable energy", said Birol.

Solar PV will account for almost 60 per cent of this growth and onshore wind 25 per cent, the IEA's annual report on global renewables showed.

Current trends in the renewables market show that by 2024 up to 30% of the global energy supply will be driven by renewable energy sources. Although its urgent goal is to decarbonize energy production in a bid to cut back on the production of greenhouse gases, the report says, there is also an urgent need to transform "hard to abate" sectors such as transport, buildings and energy-intensive industries including iron and steel, cement and other industries. This follows on from the fact consumers are becoming increasingly conscious of environmental issues and are making the demand for new solutions.

"As costs continue to fall, we have a growing incentive to ramp up the deployment of solar PV", said Dr. Fatih Birol, the IEA's Executive Director.

These applications - known collectively as distributed PV - are the focus of the IEA's Renewables 2019 market report, which was released today. China is expected to overtake the European Union as early as 2021 as the leader in solar panels.

Yet it's solar that will be the bigger driver of the renewables boom in the medium term, accounting for 60% of the expected growth through 2024, the IEA said.

"By reforming retail tariffs and adapting policies, utilities and governments can attract investment in distributed PV while also securing enough revenues to pay for fixed network assets and ensuring that the cost burden is allocated fairly among all consumers", it said. This levels the playing field when it comes to the cost of building and running solar energy plants in comparison with fossil fuel energy sites.

Distributed photovoltaic systems in homes, commercial buildings and industry have nearly tripled since 2014, "transforming the way electricity is generated and consumed", the report continues.

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