After renewable energy production experienced its uptake in 2016, 165 gigawatts of new capacity are now supplied from clean sources. In this new reality there are three countries which will responsible for two-thirds of global renewable energy expansion to 2022: China, USA, and India.
This according to IEA’s report Renewables 2017, which noted that 2017 was a record year, mainly because of increasing solar PV deployment in China and around the world, caused by cost reductions and policy support.
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Namely, new solar PV capacity around the world increased by 50%, reaching over 74 GW, with China accounting for almost half of this expansion. For the first time, solar PV additions rose faster than any other fuel, surpassing the net growth in coal.
But three countries will play the most important role in further increasing the development of renewable energy:
1. China
China is responsible for over 40% of global renewable capacity growth, which is caused by concerns about air pollution that were highlighted in the country’s 13th five-year plan to 2020. China has already surpassed its 2020 solar PV target, and is expected to exceed its wind target in 2019. China also leads in hydropower, bioenergy for electricity and heat, and electric vehicles.
Furthermore, China’s renewable energy policies are being changed to address the new needs. Together with power market reform, new transmission lines, and the expansion of distributed generation, these new policies are expected to enhance the deployment of solar and wind power.
2. USA
The US are the second-largest growth market for renewable energy. The main drivers remain strong for new onshore wind and solar capacities, such as multi-year federal tax incentives combined with renewable portfolio standards as well as state-level policies for distributed solar PV.
However, the uncertainty about proposed federal tax reforms, international trade, and energy policies could affect renewables and their expansion over the forecast period.
3. India
India is starting to address the financial health of its utilities and tackle grid-integration issues. By 2022, India is expected to more than double its renewable electricity capacity. This growth over the forecast period is higher compared with the European Union.
Solar PV and wind together amount for 90% of India’s capacity growth. India’s developing case shows that renewable capacity expansion could be boosted by almost a third, if the existing grid integration and infrastructure challenges are addressed, policy and regulatory uncertainties are reduced, and costs continue to fall.
