IEA: Renewable Energy Growth Will Accelerate

Thursday, July 05, 2012

Agency's first-ever renewable energy market report forecasts that global renewable power generation will increase by over 40% as deployment opportunities expand

Renewable power generation is expected to continue its rapid growth over the next five years, according to a new report from the International Energy Agency<http://www.iea.org/> (IEA) that acknowledges the coming-of-age of the renewable energy sector. The report says that despite economic uncertainties in many countries, global power generation from hydropower, solar, wind and other renewable sources is projected to increase by more than 40% to almost 6 400 terawatt hours (TWh) - or roughly one-and-a-half times current electricity production in the United States.
The study, released, marks the first time the IEA has devoted a medium-term report to renewable power sources, a recognition of the dynamic and increasing role of renewable energy in the global power mix. The study examines in detail 15 key markets for renewable energy, which currently represent about 80% of renewable generation, while identifying and characterising developments that may emerge in other important markets. It completes a series of IEA medium-term market reports also featuring oil, natural gas and coal.  Like the others, it presents a forecast of global developments and detailed country projections over the next five years.
The new study, Medium-Term Renewable Energy Market Report 2012, says that renewable electricity generation should expand by 1 840 TWh between 2011 and 2017, almost 60% above the 1 160 TWh growth registered between 2005 and 2011. Renewable generation will increasingly shift from the OECD to new markets, with non-OECD countries accounting for two-thirds of this growth. Of the 710 GW of new global renewable electricity capacity expected, China accounts for almost 40%. Significant deployment is also expected in the United States, India, Germany and Brazil, among others.
This growth is underpinned by the maturing of a portfolio of renewable energy technologies, in large part due to supportive policy and market frameworks in OECD countries. However, rapidly increasing electricity demand and energy security needs in recent years have been spurring deployment in many emerging markets - both large and small. These new deployment opportunities are creating a virtuous cycle of improved global competition and cost reductions.
"Renewable energy is expanding rapidly as technologies mature, with deployment transitioning from support-driven markets to new and potentially more competitive segments in many countries," IEA Executive Director Maria van der Hoeven said during today's launch. "Given the emergence of a portfolio of renewable sources as a crucial pillar of the global energy mix, market stakeholders need a clear understanding of the major drivers and barriers to renewable deployment. Based on these factors, this report forecasts global renewable development and, in so doing, provides a key benchmark for both public and private decision makers."
The report's release comes amid profound changes and the uncertainties associated with a cautious macroeconomic outlook. First, governments in several key markets are deliberating significant changes to renewable policies and deeper electricity market reforms as renewable deployment scales up. Second, the cost and availability of financing will act as a key variable, with a need for more investment sources and structures. Finally, some parts of the renewable industry are going through a period of dramatic upheaval, with supply chains restructuring and shifting geographically while delivering cost reductions. Ultimately, such a consolidation should lead to a more mature and robust renewable sector.
The report presents detailed forecasts for renewable energy generation and capacity for eight technologies - hydropower, bioenergy for power, onshore wind, offshore wind, solar photovoltaics (PV), concentrating solar power (CSP), geothermal and ocean power. This first edition focuses on renewable energy in the electricity sector, though it also examines solar thermal heating.
Other key findings of the report include:
*       Hydropower continues to account for the majority of renewable generation and it registers the largest absolute growth (+730 TWh) of any single renewable technology over 2011-17, largely driven by non-OECD countries.
*       Non-hydropower renewable technologies continue to scale up quickly. Between 2011 and 2017, generation from these technologies increases by over 1 100 TWh, with growth equally split between OECD and non-OECD countries.
*       Onshore wind, bioenergy and solar PV see the largest increases, respectively, in generation after hydropower. Offshore wind and CSP grow quickly from low bases. Geothermal continues to develop in areas with good resources. Ocean technologies take important steps towards commercialisation.

Medium-Term Renewable Energy Market Report 2012 is now on sale and may be ordered from the IEA Bookshop. Please send a request by email to books@iea.org<mailto:books@iea.org>, or order at the following link:  http://www.iea.org/publications/bookshop. Accredited journalists who would like to speak with one of the report's authors, or who would like to receive a review copy of the report, are invited to send a request by e-mail to IEAPressOffice@iea.org<mailto:IEAPressOffice@iea.org>.

 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

Fraunhofer Researchers Improve Underwater Images

Videos and images of the submarine world are important for the maritime industry. Researchers from Fraunhofer IGD will show how underwater images can be improved

NavStation to Launch at SMM

Touch screen technology has transformed everyday life and now, thanks to Norwegian e-navigation specialist NAVTOR, it is set to revolutionize operations onboard busy vessel bridges.

SENER Announces the FORAN V70R3.0

SENER announces the new FORAN V70R3.0, available from July 31, 2014. With more than 45 years in the market, FORAN takes advantage of SENER´s innovative development

Offshore

N-KOM Lays Keel for Qatar’s First Liftboat

Nakilat-Keppel Offshore & Marine (N-KOM) has achieved another milestone with the keel laying of its first liftboat newbuild project, awarded in July 2014 by long-time

Master Fined After Wind Farm Collision

The master of a wind farm support vessel has today been made to pay £3,000 in fines and costs after pleading guilty to breaches of maritime collision regulations.

Bureau Veritas Diversifies with MatthewsDaniel Acquisition

Bureau Veritas announced today that it has acquired MatthewsDaniel Ltd, a global provider of loss adjusting and risk assessment services for the offshore industry.

Environmental

Van Oord Orders Subsea Rock Installation Vessel

Van Oord has ordered a new subsea rock installation vessel. Sinopacific Shipbuilding Group Shanghai will build the vessel at its Ningbo yard in China. The vessel will be delivered in 2016.

Five Port Projects Shortlisted for ESPO Award

Today, the projects of the ports of Huelva, Koper, Lisbon, Marseille and Rotterdam have been shortlisted for the sixth ESPO Award on Societal Integration of Ports.

Tropical Storm Dolly Heads toward Mexico

NOAA's National Hurricane Center issued a tropical storm warning in effect from Cabo Rojo to Barra El Mezquital, Mexico as Tropical Storm Dolly approaches the country’s eastern coast.

Energy

Shell CEO: US Should Export Oil, Embrace Global Markets

The head of energy company Royal Dutch Shell said on Tuesday that U.S. policymakers should lift the crude oil export ban because allowing the shipments would make global energy system more stable.

Bureau Veritas Diversifies with MatthewsDaniel Acquisition

Bureau Veritas announced today that it has acquired MatthewsDaniel Ltd, a global provider of loss adjusting and risk assessment services for the offshore industry.

Fogal Retires from Zentech After 57 Years in O&G

Robert “Bob” “Sonny” Fogal, Jr., one of the icons in the offshore oil and gas industry, has decided to retire from front-line work as Zentech’s Director of Business Development.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Salvage Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1290 sec (8 req/sec)