Global renewable power capacity to rise by 50% in five years

The share of renewables in power generation is expected to rise to 30 percent in 2024 from 26 percent today. (File/AFP)
Updated 21 October 2019

Global renewable power capacity to rise by 50% in five years

  • Solar PV will account for nearly 60 percent of this growth and onshore wind 25 percent
  • Falling technology costs and more effective government policies have helped to drive the higher forecasts for renewable capacity deployment

LONDON: Global renewable energy capacity is set to rise by 50 percent in five years’ time, driven by solar photovoltaic (PV) installations on homes, buildings and industry, according to the International Energy Agency (IEA).
Total renewable-based power capacity will rise by 1.2 terawatts (TW) by 2024 from 2.5 TW last year, equivalent to the total installed current power capacity of the United States.
Solar PV will account for nearly 60 percent of this growth and onshore wind 25 percent, the IEA’s annual report on global renewables showed.
The share of renewables in power generation is expected to rise to 30 percent in 2024 from 26 percent today.
Falling technology costs and more effective government policies have helped to drive the higher forecasts for renewable capacity deployment since last year’s report, the IEA said.
“Renewables are already the world’s second largest source of electricity, but their deployment still needs to accelerate if we are to achieve long-term climate, air quality and energy access goals,” said Fatih Birol, the IEA’s executive director.
“As costs continue to fall, we have a growing incentive to ramp up the deployment of solar PV,” he added.
The cost of generating electricity from distributed solar PV (PV systems on homes, commercial buildings and industry) is already below retail electricity prices in most countries.
Solar PV generation costs are expected to decline a further 15 percent to 35 percent by 2024, making the technology more attractive for adoption, the IEA said.
However, policy and tariff reforms are needed to ensure solar PV growth is sustainable and avoid disruption to electricity markets and higher energy costs, the report said.


Philippine jobless rate hits record 17.7% in April due to pandemic

Updated 05 June 2020

Philippine jobless rate hits record 17.7% in April due to pandemic

  • The Philippines is facing its biggest economic contraction in more than three decades
  • April’s 17.7 percent unemployment rate equivalent to 7.3 million people without jobs

MANILA: The Philippines’ unemployment rate surged to a record 17.7 percent in April, the statistics agency said on Friday, as millions lost their jobs due to a pandemic-induced lockdown that battered the economy.
The Philippines, which before the pandemic was one of Asia’s fastest growing economies, is facing its biggest contraction in more than three decades after the new coronavirus shuttered businesses and crushed domestic demand.
April’s unemployment rate, which is 7.3 million people without jobs, compares with 5.3 percent in January and 5.1 percent in April last year.
“We should not lose sight of the fact that this loss in employment is really temporary,” Economic Planning Undersecretary Rosemarie Edillon said in an online news conference.
The lockdown in the capital, Manila, which was one of the world’s longest and strictest, was relaxed as of June 1 to allow much-needed business activity to resume and soften the economic blow of the coronavirus, which has infected more than 20,000 in the country.