Global solar capacity increases by 50% in 2016

Dust solar panel

That means a growth of around 1,000GW - equivalent to around half of the current global capacity in coal power, according to the International Energy Agency (IEA).

She added that clean energy is also one of the fastest-growing sources of new jobs and contributes billions of dollars to the US economy every year.

International Energy Agency (IEA) report Renewables 2017 has found that worldwide new solar photovoltaics (PV) capacity grew by 50% previous year to reach more than 74GW.

"We see renewables growing by about 1,000 GW by 2022, which equals about half of the current global capacity in coal power, which took 80 years to build", said Dr Fatih Birol, the executive director of the IEA. "The growth in renewable generation will be twice as large as that of gas and coal combined", said the report. IEA estimated that countries such as India, U.S., and China will contribute to two-third of total renewable expansion by 2022.

"When you look at how clean energy development has exploded beyond official government projections from just 10 years ago, it offers hope that its potential will continue to far surpass expectations and we'll meet our USA climate goals". Renewable electricity generation will grow by more than a third to over 8,000 TWh.

LIGO pioneers win 2017 Nobel Prize in physics
LIGO or the Laser Interferometer Gravitational-Wave Observatory captured universe's gravitational waves on September 14 in 2015. All three winners have been involved with the Laser Interferometer Gravitational-Wave Observatory (LIGO) project in some way.

Misjudged the huge increases in solar power, forecasting less than 1 gigawatt (GW) of installed solar by 2016 when the total was 46 times that amount, and no more than 18 GW of wind power, when it reached 82 GW - a almost five-fold increase. Biofuels will still account for over 90% of renewable energy in road transport by 2022.

The IEA, however, expects the growth in hydro power capacity to "slow significantly" beyond 2022, after a raft of new hydro projects come online. Grid integration remains a key challenge for China, the IEA added.

The rising demand for renewable EVs is driven by the rapid growth of two- and three-wheelers in China but also results from electric cars in European markets with high shares of renewable generation. It was responsible for 41 per cent of global renewable additions. As a whole, renewables represented almost two-thirds of new electricity capacity additions a year ago, far outshining coal and natural gas growth.

The IEA expects China alone to add 40 per cent of new global renewable capacity.

"Wind tariff in India touched lowest level of Rs 2.64 per kWh (kilowatt hour) in the second wind auction conducted by SECI", a New and Renewable Energy Ministry (MNRE) statement here said.

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