Last year, renewable power capacity expanded at its fastest pace yet, reaching nearly 22% of the global mix. Up from 21% in 2012 and 18% in 2007, that puts renewable electricity generation—from wind, solar, and hydro—on par with that of natural gas. But with uncertainty over policy support, the expansion of renewable energy will slow over the next five years, according to a new report from the International Energy Agency.
The report also provided a renewable power investment outlook. Through 2020, investment in new renewable power could average over $230 billion a year—though that’s lower than the $250 billion invested around the world in 2013. The decline is because unit costs are expected to fall, but also due to expectations that global capacity growth will slow.
However, with the focus on electricity and transportation sectors, the contribution of renewables to heating and cooling remains underdeveloped. Although renewable energy sources are expected to grow by almost 25 percent in 2020, their share in energy use for heat rises to only 9 percent—up from 8 percent in 2013.
Text from www.iflscience.com