One-Third of World’s Power Plant Capacity Is Now Renewable

One-third of the world’s installed electricity generation capacity is from renewable sources, according to the latest industry statistics. The data compiled by the International Renewable Energy Agency (IRENA) shows that two-thirds of the power capacity added around the world in 2018 was from renewables. Wind and solar accounted for 84% of that total. 2018 was characterized by a spate of solar and wind pricing breakthroughs. Falling interest rates for investors, ongoing technology improvements and regulatory frameworks that encourage competition among would-be developers have all played a part. Fossil fuels have been frequently undercut by renewables. The geographical distribution of the new plants includes developing and developed economies but it is the former leading the way. The three fastest growing regions were Oceania, Asia and Africa. Asia also became the first terrawatt region, just, with IRENA’s figures putting installed renewable capacity at 1,024GW. More than two-thirds of that is in China. “Renewable energy deployment needs to grow even faster, however, to ensure that we can achieve the global climate objectives and Sustainable Development Goals,” said Amin. “Countries taking full advantage of their renewables potential will benefit from a host of socioeconomic benefits in addition to decarbonizing their economies.” Forbes