RENEWABLES surpassed coal last year to become the largest source of installed power in the world, new International Energy Agency data has revealed.
The historic milestone prompted the IEA to significantly boost its five-year forecast for renewables growth amid sharp cost reduction and significant policy support in key countries.
The news is at odds with Prime Minister Malcolm Turnbull bullish claims about coal yesterday, saying it would remain a strong part of Australia’s energy mix for decades to come.
Renewables are expected to cover more than 60% of global power capacity growth over the next 5 years, according to the IEA.
Chief Councillor, Professor Tim Flannery said the IEA report confirms renewables are transforming the global power market as costs continue to plummet.
“More than half a million solar panels were installed each day throughout the world during 2015,” he said.
“Australia, as one of the sunniest and windiest countries in the world, should be at the forefront of this global phenomenon.
“But instead, as the rest of the world surges ahead to grab the opportunities of the global transition to renewables, Australia continues to go backwards.
“The renewable energy industry in Australia has been dealt blow after blow, with the cut to the Renewable Energy Target and then the huge funding cuts to the Australian Renewable Energy Agency.
“The IEA report confirms renewables will remain the fastest-growing source of power generation and will become more and more affordable.
“Renewable energy must expand rapidly to avoid the most dangerous impacts of climate change. Australia should be positioning itself to embrace the opportunities of the renewable energy revolution.”
For more information please contact Media Advisor Alexia Boland alexia@climatecouncil.