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Renewables to Provide a Quarter of The Global Power Supply by 2018

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photo_1372254215302-1-0The International Energy Agency (IEA) released a report earlier this week, stating that in the coming 5 years, solar and wind will represent a quarter of the global power supply.

The predictions indicate that renewable energy sources such as hydropower, solar, wind and bioenergy are becoming extremely competitive, and are likely to overtake major conventional energy sources such as natural gas, by 2018.

This drastic increase in renewable energy generation is accounted to the reduced cost of wind and solar. This is particularly the case in developing countries, especially in China, where the major investments in hydropower, solar and wind are expected to account for more than 40% of the total added capacity.

Brazil and Australia are also in the top ten, where wind power successfully competes with gas-fired plants. Same applies for South Africa. In regards to solar, Japan is leading the way with the successful implementation of financial incentives.

But the IEA warns that governments should ensure long term policies and incentives.

The positive report on renewables gives hope for meeting the global emission targets. Unfortunately, climate change predictions are not so positive, hence IEA still urges immediate phasing out of fossil fuel subsidies, and shutting down of coal-power stations.

 

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