The IEA’s “renewable energy market update” forecasts nearly 40% higher growth in 2021 than it expected a year ago, putting wind and solar on track to match global gas capacity by 2022.
Solar power currently makes up just 4% of the nation’s power supply, but it is set to grow 18-fold and become the new “king of India’s generation fleet” by at least 2040.
In its annual World Energy Outlook, the International Energy Agency (IEA) reported that renewables are expected to overtake coal as the primary means of producing electricity by 2025.
The world’s best solar power schemes now offer the “cheapest…electricity in history” with the technology cheaper than coal and gas in most major countries, according to the International Energy Agency’s World Energy Outlook 2020.
The International Energy Agency (IEA) new forecast finds that the world’s total renewable-based power capacity will grow by 50 per cent between 2019 and 2024.
The International Energy Agency expects to see growth in solar of over 17% and capacity of 115 gigawatts (GW) by year’s end.
Estimates suggest 2018 was the first time there has been a reduction in coal-fired power capacity across the world since the industrial revolution.
