Renewable energy to lead world power market growth: IEA report

Renewable energy will become the largest single source of electricity over the next five years, the International Energy Agency (IEA) said in a report released here on Friday.

The report stated that the renewables are increasingly becoming affordable, enhancing the energy security and mitigating climate change, and set to dominate the growing systems of the world.

The IEA's annual Medium-Term Renewable Energy Market Report came as the Group 20 (G20) energy and natural resources ministers were wrapping up a two-day meeting, the first of its kind for the group of 20 major economies.

Meanwhile, IEA Executive Director Fatih Birol urged the Chinese government to take over the renewable energy issue next year when Beijing assumes the G20 presidency.

Birol noted that China is taking major moves over renewable energy and the world needs its experience and investment.

According to the IEA report, 40 percent of the new renewable power plants in the world comes from China, producing hydropower, solar and wind energies.

"In 2014 the renewable energy investment in China was bigger than the investments in the United States plus all European countries all put together," Birol said at a press conference.

He urged China to make more investment in energy-hungry Africa and beyond Asia.

China has a huge experience to share with Africa and Asia as the country has brought electricity to half billion of people in a period of 10 years, he said. "It is the biggest achievement in the history of energy," he stressed.

IEA officials also called for world governments to reduce policy uncertainties on renewable energy, saying they are acting like brakes on greater deployment.

"Governments must remove the question marks over renewables if these technologies are to achieve their full potential and put our energy system on a more secure, sustainable path," Birol said. Endit