MOSCOW (Sputnik) — The International Energy Agency (IEA) said Tuesday that it was significantly increasing its five-year growth forecast for renewables as last year they surpassed coal to become the largest source of installed power capacity in the world.
"We are witnessing a transformation of global power markets led by renewables and, as is the case with other fields, the center of gravity for renewable growth is moving to emerging markets," the IEA's executive director Fatih Birol said.
14 October 2016, 17:09 GMT
In new Medium-Term Renewable Market Report, the IEA changed its forecast for the next five years now predicting that the renewables will grow by 13 percent more than previously expected. The change is explained mostly through stronger policy backing in the United States, China, India and Mexico.
The agency expects the renewables to generate as much electricity by 2021 as the United States and the European Union produce combined.
