Global renewable energy capacity grew by 161GW in 2016
A new report released by International Renewable Energy Agency (IRENA), a body that collects data on renewable energy globally, has indicated that efforts to decarbonise the energy sector may be paying off as additional 161GW capacity was achieved.
This is an 8.7 percent increase from capacity obtained in 2015 and data shows that even the African continent were renewable energy investments have been slow saw uptick in capacity by over 4 percent
Increased investments from countries like Morocco and South Africa helped Africa to achieve a 4.2 percent increase over 2015 figures which is more than twice the average in 2015.
Nigeria could not account for much of this capacity addition because investments in solar projects is bogged down by funding issues, absence of a proper tariff structure and unresolved issues with electricity distribution companies over geographical areas and operation of embedded power projects.
A draft mini grid regulation which also spells out clear terms for new embedded projects have not been ratified by Nigerian Electricity Regulatory Commission further stalling investments in the sector.
According to IRENA, global renewable energy capacity rose to 2,006GW last year on the strength of additional 161GW capacity.
According to IRENA, a record 71GW of new solar power was added, outpacing wind energy which grew by 51GW, for the first time since 2013.
This indicates that solar energy which has been leading growth in the renewable energy sector due to fall in the prices of solar PVs and installation costs, will feature prominently in global efforts at cutting emissions.
“We are witnessing an energy transformation taking hold around the world, and this is reflected in another year of record breaking additions in new renewable energy capacity,” says Adnan Amin, director general of IRENA.
He further said, “This growth in deployment emphasises the increasingly strong business case for renewable which also have multiple socio-economic benefits in terms of fuelling economic growth, creating jobs and improving human welfare and the environment”
According to IRENA, hydropower ramped up capacity by 30GW, while bio energy capacities grew by 9GW – the greatest increase for this source on record and geothermal power rose by just 1GW.
Asia accounted for 58 per cent of new renewable additions last year, making it the fastest growing region for green energy in the world.
“But accelerating the momentum will require additional investments in order to move decisively towards decarbonising the energy sector and meet climate objectives,” said Amin
“This new data is an encouraging sign that though there is much yet to do, we are on the right path.
ISAAC ANYAOGU