Renewables are set to become the world’s main energy source, according to the International Energy Agency (IEA), which has documented in its latest report that approximately half of global installed capacity is now made up of wind, solar, hydroelectric, geothermal and wave energy.
During 2015, according to the IEA report, some 500,000 solar panels and two wind turbines were installed every day, leading to a 40% increase in installed capacity from renewable sources. The report also states that, over the next five years, 30,000 solar panels and 2.5 wind turbines will be installed each day. The percentage of electricity generated from these sources will grow from 23 to 28% by 2021, bringing their total installed capacity to 7,600 terawatts.
That this is now the road undertaken by green sector investments is also evidenced by the 28 million euro solar array recently started up in Senegal. It is the largest such project in the region and will generate 20 megawatts of electricity, providing power to 160,000 people and bringing the country’s energy output from renewables to 20% by the end of 2017.
Spain is set to become one of the world’s first “100% green” economies. With wind energy meeting the needs of 29 million Spanish households, Madrid is well-positioned to become a leader in green energy production. For example, already in January 2015, wind turbines operating at peak output covered 54% of the country’s energy demand. The same thing also happened in November, reaching 70% at night. In the meantime, Spain’s green infrastructure has advanced even further. By 2020, the country will add another 3% of installed capacity to its current 17.4%.
Even India – one of the world’s most populous countries – is stepping up its green output. In the coming years, India will be producing 19% of its energy from renewable sources, or 175 gigawatts of installed capacity by 2022.