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The IEA sees 700GW of renewable energy projects coming online worldwide in the next five years, equivalent to two-thirds of net global capacity additions. Yet despite falling costs, regional renewables development remains patchy.
Policies aimed at enhancing energy security and sustainability lie behind record growth in global renewable electricity capacity in 2014. An additional 130GW of renewables capacity – more than 45% of net capacity added – took total global renewables capacity to 1.81TW by the end of 2014, according to OECD energy watchdog the International Energy Agency (IEA).
Renewable generation costs are also declining, says the agency, with “some very low contract prices” over the past year supporting further developments. The UAE and Jordan both contracted solar photovoltaic (PV) capacity for $60/MWh recently, says the IEA, while Egypt was among countries achieving $50/MWh for new onshore wind capacity.
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