Renewable energy to expand by 50% in next five years

Global supplies of renewable electricity are growing faster than expected and could expand by 50% in the next five years, powered by a resurgence in solar energy. The International Energy Agency (IEA) found that solar, wind and hydropower projects are rolling out at their fastest rate in four years. Its latest report predicts that by 2024 a new dawn for cheap solar power could see the world’s solar capacity grow by 600GW, almost double the installed total electricity capacity of Japan. Overall, renewable electricity is expected to grow by 1,200GW in the next five years, the equivalent of the total electricity capacity of the US. “This is a pivotal time for renewable energy,” said the IEA’s executive director, Fatih Birol. “Technologies such as solar photovoltaics (PV) and wind are at the heart of transformations taking place across the global energy system. Their increasing deployment is crucial for efforts to tackle greenhouse gas emissions, reduce air pollution, and expand energy access.”