40% MORE NEW ENERGY BY 2017

IEA sees renewable energy growth accelerating over next 5 years

5 July 2012 (International Energy Agency)

“Renewable power generation is expected to continue its rapid growth over the next five years, according to [Medium-Term Renewable Energy Market Report 2012] from the International Energy Agency (IEA)…[It] acknowledges the coming-of-age of the renewable energy sector…The report says that despite economic uncertainties in many countries, global power generation from hydropower, solar, wind and other renewable sources is projected to increase by more than 40% to almost 6 400 terawatt hours (TWh) – or roughly one-and-a-half times current electricity production in the United States…

“…The study examines in detail 15 key markets for renewable energy, which currently represent about 80% of renewable generation…[and] says that renewable electricity generation should expand by 1 840 TWh between 2011 and 2017, almost 60% above the 1 160 TWh growth registered between 2005 and 2011. Renewable generation will increasingly shift from the OECD to new markets, with non-OECD countries accounting for two-thirds of this growth. Of the 710 GW of new global renewable electricity capacity expected, China accounts for almost 40%. Significant deployment is also expected in the United States, India, Germany and Brazil, among others…”

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“…[G]rowth is underpinned by the maturing of a portfolio of renewable energy technologies, in large part due to supportive policy and market frameworks in OECD countries…These new deployment opportunities are creating a virtuous cycle of improved global competition and cost reductions…The report presents detailed forecasts for renewable energy generation and capacity for eight technologies – hydropower, bioenergy for power, onshore wind, offshore wind, solar photovoltaics (PV), concentrating solar power (CSP), geothermal and ocean power…

“Hydropower continues to account for the majority of renewable generation and it registers the largest absolute growth (+730 TWh) of any single renewable technology over 2011-17, largely driven by non-OECD countries…Non-hydropower renewable technologies continue to scale up quickly. Between 2011 and 2017, generation from these technologies increases by over 1 100 TWh, with growth equally split between OECD and non-OECD countries…Onshore wind, bioenergy and solar PV see the largest increases…Offshore wind and CSP grow quickly from low bases. Geothermal continues to develop in areas with good resources. Ocean technologies take important steps towards commercialization…”

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