Report: 2,252.3 GW of global renewable capacity in 2020

A report published by Frost &Sullivan asserts that renewable power generation, through the continuing support of financial and political assistance, will reach a high of 2,252.3 GW sometime in 2020.

The New Annual Renewable Energy Outlook 2013 report notes that while less than 50 countries worldwide had renewable support policies in place in the early part of the last decade, this number has now reached over 120. As a result, investments in renewables have also risen dramatically over the past decade.

The report provides answers on the likely trends and growth forecasts for the sector

“The EU has set binding targets to source 20 per cent of the bloc’s total energy consumption from renewable energy sources in 2020, and targets for individual member states range from 10 per cent for Malta to 49 per cent for Sweden,” said Frost & Sullivan Energy and Environmental Industry Director Harald Thaler in an emailed statement. “Climate and energy policies as well as long-term price-based incentives, such as subsidies and tax benefits, can substantially boost renewable energy penetration and innovation.”

Urbanisation, population growth, and energy security concerns are other key drivers for the rise of renewable energy capacity in emerging regions such as Asia, Latin America, the Middle East and Africa. Further enabling accelerating the uptake of new energy sources in developing countries is the need to diversify to reduce dependence on fossil fuels and the dramatic fall in the cost of renewable energy.

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