Renewables growth will accelerate over the next five years - IEA Rapid gro ...

Renewables growth will accelerate over the next five years - IEA Rapid growth in the renewable power generation sector is expected to continue with power generation from renewable resources expected to increase by more than 40%, to around 6,400 TWh, over the next five years - roughly 1.5 times the current electricity production of the US. This is according to the Medium-Term Renewable Energy Market Report from the International Energy Agency (IEA), which acknowledges the ‘coming-of-age’ of the renewable energy sector. The report marks the first time the IEA has devoted one of its medium-term reports - which also look at oil, natural gas and coal - to renewable power sources. It examines 15 key markets for renewable energy, which currently represent about 80% of renewable generation, while identifying and characterising developments that may emerge in other important markets. The report predicts that renewable electricity generation will expand by 1,840 TWh between 2011 and 2017 - 60% above the 1,160 TWh growth registered between 2005 and 2011. This generation will increasingly shift from the OECD to new markets, with non-OECD countries accounting for two-thirds of the growth. Of the 710 GW of new global renewable electricity capacity expected, China is forecast to account for 285 GW - almost 40%. Significant deployment is also expected in the US, India, Germany and Brazil. This growth is underpinned by the maturing of a portfolio of renewable energy technologies, in large part due to supportive policy and market frameworks in OECD countries, says the report. However, rapidly increasing electricity demand and energy security needs in recent years have also been spurring deployment in many emerging markets. The report points out that these new deployment opportunities are creating improved global competition and cost reductions. The report presents detailed forecasts for renewable energy generation and capacity for hydropower, biomass for power generation, onshore wind, offshore wind, solar PV, concentrating solar power, geothermal and marine power. It states that hydropower will continue to account for the majority of renewable generation and will register the largest absolute growth (+730 TWh) of any single renewable technology over 2011-17, largely driven by non-OECD countries. Onshore wind, bioenergy and solar PV will see the largest increases in generation after hydropower. The full Medium-Term Renewable Energy Market Report 2012 can be purchased from www.iea.org