Wind power tariff plunges to record low of Rs 2.64 per unit

NRDC Report: Clean Energy Revolution Shatters Records & Projections

In its report, the IEA labeled China as the world's "undisputed renewable growth leader", driven by concerns about air pollution and capacity targets that were outlined in the country's 13th Five-Year Plan (2016-20).

According to the International Energy Agency (IEA), the rise of solar energy globally was because of a boom in the installations of photovoltaic panels - especially in China - due to price drops and government support.

In terms of power generation, renewable electricity is expected to grow by more than a third by 2022 to over 8,000 terawatt-hours, which is equivalent to the total power consumption of China, India and Germany combined. "We expect that solar PV capacity growth will be higher than any other renewable technology through 2022", said Dr Fatih Birol, executive director of the IEA. The report indicated another record for growth in renewable energy. With strong support from China, which accounted for almost half of this total, solar photovoltaic growth was faster than any fuel worldwide - passing net growth in coal as the graph below shows.

The steep fall in wind energy tariffs mirrors the trend in solar power and may pose a formidable challenge to conventional thermal plants, many of which generate electricity at much higher rates. Along with India and the United States, the three will be responsible for two-thirds of renewables expansion by 2022.

This growth will mean that renewables meet 30% of the world's power needs by 2022, up from 24% in 2016.

The IEA predicts global renewable power capacity will expand by 43 per cent from 2017-2022, a more optimistic forecast than previously.




China continues to be the main driver of growth in renewable.

"Dozens of clean energy records have been shattered across the United States in the past year and a half", said co-author Ralph Cavanagh, co-director of NRDC's energy program.

The contrasting fortunes of the three largest solar markets - Japan being edged from the top table by India this year - highlight how the solar industry ebbs and flows.

However, the IEA has said that despite these encouraging figures, there are uncertainties ahead.

Looking ahead, the IEA said that China, India and the US would account for two-thirds of worldwide renewable expansion by 2022. The IEA states that these new policies, together with power market reform, new transmission lines, and the expansion of distributed generation, are expected to speed up the deployment of solar energy.

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