The International Energy Agency says that the world’s capacity to generate electricity from renewable sources has now overtaken coal.
According to a report produced by the IEA, last year renewables accounted for more than half of the increase in power capacity.
Right now it is only the capacity to generate electricity that has overtaken coal. The amount of electricity actually produced is still much higher using coal than renewables.
Coal can generate electricity 24 hours a day, whereas renewables are dependent on the sun shining or the wind blowing. For the actual production of renewables to overtake coal, it will take the current level of growth to continue for quite some time.
The results of the report are reflective of the cost reductions for onshore wind and solar panels. The report says that approximately half a million solar panels were installed every day last year around the world.