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One-Third Of World's Power Plant Capacity Is Now Renewable
Key Excerpts from Article on Website of Forbes
Posted: April 15th, 2019
https://www.forbes.com/sites/johnparnell/2019/04/03/one-thir...
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. 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 IRENAs figures putting installed renewable capacity at 1,024GW. More than two-thirds of that is in China. Offshore wind capacity has doubled since 2015 but only represented around 4.4GW of the 171GW of renewable power plant deployed in 2018. The concentration of offshore wind remains firmly in Europe (~80%). Solar was the runaway leader of the pack adding 94GW in 2018 to 49GW of wind, on- and offshore. Half of the worlds total installed capacity is currently hydropower but China was the only nation to make substantial hydro additions last year. Bioenergy [added] 6GW.
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