Power generation from hydro, wind, solar and other renewable sources worldwide will exceed that from natural gas and nuclear by 2016, the International Energy Agency (IEA) said in its second annual Medium-Term Renewable Energy Market Report (MTRMR).
The report says renewable power is expected to increase by 40 percent in the next five years and is expected to make up almost 25 percent of the global power mix by 2018. The share of non-hydro sources such as wind, solar, bioenergy and geothermal will double to 8 percent by 2018, up from 4 percent in 2011 and 2 percent in 2006.
Countries that are not members of the Organisation for Economic Cooperation and Development (OECD), including China, are expected to account for two-thirds of the increase in renewables worldwide.
“As their costs continue to fall, renewable power sources are increasingly standing on their own merits versus new fossil-fuel generation,” said IEA Executive Director Maria van der Hoeven. “This is good news for a global energy system that needs to become cleaner and more diversified, but it should not be an excuse for government complacency, especially among OECD countries.”
Renewables are becoming more cost-competitive and investment and deployment are accelerating in emerging markets, helping to drive the positive outlook for renewables. Non-OECD countries are expected to account for two-thirds of the increase in renewables worldwide.
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