IEA raises renewable growth forecast

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The late October 2016 edition of the IEA’s Medium-Term Renewable Market Report now sees renewables growing 13 percent more between 2015 and 2021 than in last year’s forecast. Over the forecast period, costs are expected to drop by a quarter in solar PV and 15 percent for onshore wind.

“We are witnessing a transformation of global power markets led by renewables and, as is the case with other fields, the centre of gravity for renewable growth is moving to emerging markets,” said Dr Fatih Birol, the IEA’s executive director.

A turning point

Last year marked a turning point for renewables. Led by wind and solar, renewables represented more than half the new power capacity around the world, reaching a record 153 GW, 15 percent more than the year befo...