The International Energy Agency's (IEA) first annual study on the medium-term renewable energy market focuses on the electricity sector and solar thermal heating.
It forecasts an increase of over 40% growth in global power generation from renewables, credited both to policies and market frameworks in OECD countries, as well as to improved competition and cost reductions on a global scale.
5 July 2012: A new study from the International Energy Agency (IEA) forecasts an increase of more than 40% growth in global power generation from renewable energy sources between 2011 and 2017. This represents 6,400 terawatt hours (TWh) from renewable energy sources including hydropower, bioenergy, onshore wind, offshore wind, solar photovoltaics (PV), concentrating solar power (CSP), geothermal and ocean power.
The first-time report, titled “Medium-Term Renewable Energy Market Report 2012,” also shows a shift in renewable energy generation, from countries in the Organisation for Economic Co-operation and Development (OECD) to non-OECD countries, with China alone accounting for almost 40% of the 710 GW of new global renewable electricity capacity expected. According to the report, this is because of the “coming to age” of renewable energy technologies, due in part to the policies and market frameworks in OECD countries, which are now driven by improved competition and cost reductions on a global scale.
This first edition of the IEA report focuses on the electricity sector and solar thermal heating. It highlights that hydropower is the dominant source of renewable generation; but underscores the rapid increase in: the upscaling of non-hydro technologies, with a predicted increase of over 1100 TWh between 2011 and 2017; and the uptake of onshore wind, bioenergy and solar PV. [IEA Press Release] [Publication: Executive Summary of Medium-Term Renewable Energy Market Report 2012]