Despite rising global energy use, for the first time in four decades, global carbon emissions associated with energy consumption remained stable in 2014 while the global economy grew. This state of affairs is thanks to the increased use of renewable energy, along with continuing improvements in energy efficiency. That’s the conclusion of a recent report by REN21, the Paris-based Renewable Energy Policy Network for the 21st Century.
Growth of renewable energy has been driven by several factors, the report says, including renewable energy support policies and the increasing cost-competiveness of energy from renewable sources. In many countries, renewables have become broadly competitive with conventional energy sources.
China again led the world in new renewable power capacity installations in 2014, and Brazil, India, and South Africa accounted for a large share of the capacity added in their respective regions. In parallel with that growth, 2014 also saw significant advances in the development and deployment of energy storage systems across all sectors, the report adds.
A telling illustrative statistic, included in the report, is that more renewable capacity was added in 2014 than coal and gas combined. Renewables represented approximately 59% of net additions to global power capacity in 2014, with significant growth in all regions. Wind, solar PV, and hydro power dominated the market. By year’s end, renewables comprised an estimated 27.7% of the world’s power generating capacity, enough to supply an estimated 22.8% of global electricity.
As of early 2015, at least 164 countries had renewable energy targets, and an estimated 145 countries had renewable energy support policies in place.