Solar energy is fastest growing source of power: IEA
Attributed to lower costs, a boom in photovoltaic panel installations, particularly in China.
PARIS — A report shows that solar energy was the fastest-growing source of power last year, accounting for almost two-thirds of net new capacity globally.
The International Energy Agency said that the rise was due to a boom in photovoltaic panel installations, particularly in China, thanks to a drop in costs and greater support from governments.
It is the first time that solar energy growth surpasses any other fuel as a source of power. Coal in particular had continued to grow in recent years despite global targets to reduce carbon emissions.
The IEA said solar panels capacity grew 50% last year, with China accounting for almost half the expansion. The country has become a leader in renewable energy production, with the US the second-largest market.