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Solar energy is fastest growing source of power

Solar energy is fastest growing source of power”

According to the new report, IEA's renewables growth forecast is 12% higher than projection made in the 2016 report, driven by the realisation of PV installation growth in China and India as well as the US.

The surge in solar power has come as a result of policies supporting low-carbon energy and cost reductions for solar PV and wind.

The IEA has raised its forecast for renewables compared with past year, largely as a result of more solar in China and India, with China already exceeding its 2020 target for new solar power.

Renewables made up almost two-thirds of new net power capacity around the world in 2016, with 165 GW of capacity coming online.

IEA Executive Director Fatih Birol said that, by 2022, renewables in general will equal about half the global capacity for coal power and its solar energy in particular that's leading the way.

It said solar will account for the largest annual capacity additions for renewables over the next five years, above both wind and hydro.

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"The message is very clear: Competition is driving cost down at a pace which is much faster than it was in the past", said Dr. Paolo Frankl, head of IEA's renewable energy division, on a call with reporters. Along with India and the USA, the three will be responsible for two-thirds of renewables expansion by 2022. The IEA's report finds that China has in fact, already passed that goal in terms total solar photovoltaic (PV) capacity.

"Still, the current uncertainty over proposed federal tax reforms, global trade and energy policies could alter the economic attractiveness of renewables and hamper their growth over our forecast period", the IEA's report read.

"What we are witnessing is the birth of a new era in solar PV".

"The star is really becoming solar PV, which becomes the leader in renewable growth", said Frankl. Though coal will still be the largest source of electricity generation in 2022, renewables cut that gap in half.

In line with its recent determination to end up a victor in the renewable energy market, China led the way on building solar capacity. The growth in renewable generation will be twice as large as that of gas and coal combined, the IEA said.

China's push towards solar energy stems from the country's notoriously poor air quality, and in the country's 13th five-year plan, it announced an intention to increase the share of non-fossil energy to 15% by 2020. As a whole, renewables represented almost two-thirds of new electricity capacity additions past year, far outshining coal and natural gas growth.



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