After a muted growth posted last year, global capacity additions for renewable energy are set to bounce back with a double-digit growth in 2019 driven by solar, research agency International Energy Agency (IEA) said in a release on Friday.
“The IEA expects renewable capacity additions to grow by almost 12 per cent this year, the fastest pace since 2015, to reach almost 200 gigawatt (GW), mostly thanks to solar PV and wind. Global solar PV additions are expected to increase by over 17 per cent,” the release said.
The cost of solar photovoltaic (PV) has plunged more than 80 per cent since 2010, making the technology increasingly competitive in many countries. IEA estimates global solar PV capacity additions to increase to 115 GW this year despite a slight decline in China, the world’s largest market.
According to the agency, this would be the first year that solar PV additions have surpassed 100 GW and the third year in a row where solar has accounted for more than half of global renewable energy capacity additions. Read More
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