New study forecasts doubling of renewables capacity by 2025
The study, titled ‘Annual Renewable Energy Outlook 2014’, anticipates an average yearly growth rate of 5.7% and for solar photovoltaic (PV) technology to account for 33.4% of total renewable-energy capacity additions over the period.
Wind is expected to follow with 32.7% of new capacity additions, ahead of hydropower at 25.3%, while other renewable technologies will represent the remaining 8.6%.
More than 130 countries currently have supportive policies in place for renewables, which has translated into a dramatic rise in renewables investment in recent years.
In addition, a decline in the cost of renewable energy, as a result of technological innovation and economies of scale, has also enabled developing countries to adopt these technologies.
The cost of solar PV modules, for instance, have dropped by about 70% between 2008 and 2013, making solar more competitive with fossil-fired power and driving accelerated adoption rates.
“Renewable-energy installations in 2013 saw the continued, gradual shift in market power to emerging economies, where economic growth and revised energy priorities will drive a sustained increase in the adoption of renewable energy,” Thaler says.
Edited by: Creamer Media Reporter