The International Energy Foundation (IEA) has forecast a 40 per cent growth in worldwide renewables capacity over the next five years.
The Medium-term Renewable Energy Market Report 2012, the IEA’s first report to focus solely on renewable energy, said power generation from renewables sources including wind, hydropower and solar would increase to 6400/TWh by 2017.
This represents a year-on-year increase of 1840/TWh between 2011 and 2017, a 60 per cent increase on 2005 to 2011. Hydropower will be the biggest contributor. In terms of wind, onshore will provide the greatest growth.
The report also said that renewables generation would shift to new markets. However, China will account for 40 per cent of the additional 740MW that is expected during this time. Germany, India, the US and Germany are also expected to invest heavily in renewables.
Speaking about the report, IEA Executive Director Maria van der Hoeven said: “Renewable energy is expanding rapidly as technologies mature, with deployment transitioning from support-driven markets to new and potentially more competitive segments in many countries.
“Given the emergence of a portfolio of renewable sources as a crucial pillar of the global energy mix, market stakeholders need a clear understanding of the major drivers and barriers to renewable deployment. Based on these factors, this report forecasts global renewable development and, in so doing, provides a key benchmark for both public and private decision makers.”
