This is an excerpt from EERE Network News, a weekly electronic newsletter.
IEA Forecasts Renewable Power Providing More Competitive Options
Global electric power generation from renewable sources such as wind, solar, and hydroelectric energy grew strongly in 2013, and was on par with electricity produced from natural gas, according to the third annual Medium-Term Renewable Energy Market Report from the International Energy Agency (IEA). The report, released on August 28, sees global renewable generation rising by 45% and making up nearly 26% of global electricity generation by 2020.
Also, for the first time, the annual report provides a renewable power investment outlook. Through 2020, worldwide investment in new renewable power capacity is predicted to average more than $230 billion annually, lower than the estimated $250 billion invested globally in 2013. See the IEA news release.