Renewable energy plants and power supply lines seen in Germany GETTY
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. Fossil fuels have been frequently undercut by renewables. Pipelines of subsidy-free projects are building up in the UK, Spain, throughout the Middle East with China dipping its toe in as well. The direction of travel is clearly set. MORE