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Global Renewable Energy To Rise By 50% In Next 5 Yrs – IEA

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The International Energy Agency (IEA) has reported that global renewable energy capacity is set to rise by 50 per cent in five years’ time, driven by solar photovoltaic (PV) installations on homes, buildings and industry.

Total renewable-based power capacity will rise by 1.2 terawatts (TW) by 2024 from 2.5 TW last year, equivalent to the total installed current power capacity of the United States.

Solar PV will account for nearly 60 per cent of this growth and onshore wind 25 per cent, the IEA’s annual report on global renewables showed. The share of renewables in power generation is expected to rise to 30 per cent in 2024 from 26 per cent today.

Falling technology costs and more effective government policies have helped to drive the higher forecasts for renewable capacity deployment since last year’s report, the IEA said.

“Renewables are already the world’s second largest source of electricity, but their deployment still needs to accelerate if we are to achieve long-term climate, air quality and energy access goals,” said Fatih Birol, the IEA’s executive director.

“As costs continue to fall, we have a growing incentive to ramp up the deployment of solar PV,” he said.

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