Renewable energy

IEA boosts its renewable energy forecast as costs fall

Reproduced from IEA’s Renewables 2019 report; Chart: Axios Visuals

The International Energy Agency's new five-year renewable energy forecast sees faster growth than last year's outlook, but warns that movement toward zero-carbon sources is too slow to confront global warming.

What they found: The agency forecasts that total global renewable power capacity, which was 2,502 gigawatts last year, will increase 50% by 2024, with solar accounting for over half the expansion.

Solar power systems spike in homes, businesses and industrial plants

Reproduced from IEA’s Renewables 2019 report; Chart: Axios Visuals

IEA's new report sees rapid growth of solar power systems located at homes, businesses and industrial plants. They forecast this distributed capacity reaching 530 GW in five years.

The intrigue: Rooftop solar at homes isn't the main driver. "Contrary to conventional wisdom, distributed [photovoltaic] growth is dominated by commercial and industrial applications rather than residential," IEA notes.