Renewable energy accounts for over 30% of global installed power generation capacity and 23% of total electricity production, according to a new report.
The World Energy Council (WEC) said there has been “spectacular” and “explosive” growth in onshore and offshore wind and solar over the past ten years.
Its new report – ‘Variable Renewables Integration in Electricity Systems 2016 – How to get it right’ – is being released today and draws on research from 32 countries.
The study finds that last year a total of US$286 billion was invested in 154GW of new renewables capacity, some 76% of which went on wind and PV.
WEC secretary general Christoph Frei said: “The success of both the development of intermittent renewables and their efficient integration in electricity systems fundamentally depends on the right market design and regulatory framework and solid regional planning to avoid bottlenecks.”
He added: “We are beyond the tipping point of grand energy transition. Implementing technically and economically sound, stable policies supported by clear carbon price signals will enable this transition and take us a step closer to meeting the climate aspirations agreed at COP21.”
The study also concluded that improving technologies and cost reductions are driving down capital expenditure and operation and maintenance costs of variable renewables.
WEC has called for better forecasting methodologies to improve power projection accuracy and has also requested the introduction of capacity markets to ensure security of supply.
Image: Nordex
Renewables in ‘explosive’ growth
$286bn invested in 154GW of new green energy last year, says WEC
By EBS