New IEA Report Highlights Continuing Growth of Renewable Energy
5 July 2012: The International Energy Agency (IEA) has published a new study, the Medium-Term Renewable Energy Market Report 2012, which examines 15 key markets for renewable energy, representing 80% of renewable generation. This report also identifies emerging developments in other important markets and provides detailed country projections over the next five years.The IEA report indicates that despite global economic uncertainties, renewable power generation from hydropower, solar, wind and other sources is expected to continue expanding over the next five years. Increases of more than 40% are projected, translating to almost 6 400 terawatt hours (TWh). According to the report, non-Organisation of Economic Cooperation and Development (OECD) countries will account for two-thirds of this growth. China is predicted to take up for almost 40% of the new global renewable energy capacity.
New deployment opportunities have been created in emerging markets due to rapidly increasing electricity demand and energy security needs. These new opportunities are also stimulating global competition and reducing costs. During the report's launch, Maria van deer Hoeven, Executive Director, IEA, noted that “Given the emergence of a portfolio of renewable sources as a crucial pillar of the global energy mix, market stakeholders need a clear understanding of the major drivers and barriers to renewable deployment.”
Detailed forecasts for renewable energy generation and capacity for eight technologies, hydropower, bioenergy for power, onshore wind, offshore wind, solar photovoltaics (PV), concentrated solar power (CSP), geothermal and ocean power are presented in the report. Hydropower continues to account for the majority of renewable generation and it registers the largest absolute growth largely driven by non-OECD countries. Non-hydropower renewable technologies are continuing to scale up with growth equally split between OECD and non-OECD countries. [IEA Press Release] [Publication: The Medium-Term Renewable Energy Market Report 2012]