The International Energy Agency (IEA) today said that China, India and the U.S. will account for two-thirds of global renewable energy expansion over the next five years.
India is expected to more than double its current renewable electricity capacity, according to the IEA’s latest renewables market analysis and forecast. Solar PV and wind together represent 90 percent of India’s capacity growth as auctions yielded some of the world’s lowest prices for both technologies.
By 2022, IEA said, total global solar PV capacity will exceed the current combined total power capacities of India and Japan. New solar PV capacity grew by 50 percent in 2016, with China accounting for about half of the global expansion, IEA said.
The IEA said that last year solar PV additions rose faster than any other fuel for the first time, surpassing the net growth in coal.
