World's renewable energy capacity set to increase by half in 5 years

International Energy Agency releases 2019 report on sustainable energy development

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Solar panels (Pixabay photo)

Solar panels (Pixabay photo)

TAIPEI (Taiwan News) — The International Energy Agency's (IEA) Renewables 2019 market report was released Monday (Oct. 21) and predicts the world’s renewable-based power capacity will grow by 50 percent between 2019 and 2024.

Solar PV accounts for 60 percent, and 70 percent of solar PV’s new installations will be from commercial and industrial applications. The IEA press release points out the increase in renewable energy capacity over the next five years is equivalent to the current total power capacity of the U.S.

Renewable heat is a sector that needs more attention and its estimated expansion until 2024 will account for only 12 percent of the renewable energy share. Some challenges to developing more renewable energy solutions that are mentioned in the IEA report are “policy and regulatory uncertainty, high investment risks and system integration of wind and solar PV.”

IEA Executive Director Dr. Fatih Birol 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,” according to IEA.