Renewable generation to double by 2025
By 2025 the global installed capacity of renewable energy generation will more than double to reach over 3,200 gigawatts (GW), when compared to 2012, with an average annual growth rate of 5.7%, according to consulting firm Frost & Sullivan.
A report from the firm notes that renewable energy has already seen significant developments and growth in recent years because of supporting policies and investment. Countries around the world are also increasingly setting renewable energy targets, including the EU setting a 20% goal, which will further help the sector grown.
Over the next ten years Frost & Sullivan expect solar power to contribute the most to growth, accounting for 33.4% of new renewable capacity, closely followed by wind at 32.7%. Hydro power will also make up 25.3% of the new capacity, with other renewable technologies making up the remaining 8.6%.
Harald Thaler, energy and environmental industry director at Frost & Sullivan, said, “It is little wonder then that renewable energy installations have seen a gradual shift in market power to emerging economies.
“On account of urbanisation, population growth, energy security concerns, and strong economic development, regions such as Asia, Latin America, the Middle East and Africa have increasingly been contributing to renewable energy capacity growth.”
Thaler also notes that beyond 2025 governments will become increasingly willing to back emerging technologies, and as a result marine power technology is likely to be widely deployed.
Figures from Bloomberg New Energy Finance suggest that renewable energy investments increased by 16% in 2014, reaching $310 billion (£205bn). However, a report from think tank Fabian Society has warned that public opinion and policy priorities are creating uncertainties for renewable investors.
Photo: cariliv via Flickr
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