The Center on Global Energy Policy hosted a presentation and discussion of the IEA 2016 Medium-Term Renewable Energy Market Report with Heymi Bahar, Renewable Energy Markets Analyst at the International Energy Agency and Project Manager of the Report. Inaugural Fellow David Sandalow moderated the discussion following Mr. Bahar's presentation.
The rapid spread of renewable energy is a bright spot in the global energy transition toward a low carbon economy. Despite lower fossil fuel prices, renewable power expanded at its fastest rate in 2015, thanks to supportive government policies and sharp cost reductions. Renewables accounted for more than half of the world’s additional electricity capacity last year. But even with this remarkable progress, there are questions about whether renewables are on track to reach targets set by the Paris Agreement.
This report examines how renewable energy in the power, heat and transportation sectors will evolve over the next five years in the context of global decarbonisation goals. It explores recent renewable deployment and policy trends across different regions and countries, particularly as costs for wind and solar PV continue to fall.
The Medium-Term Renewable Energy Market Report 2016 also assesses the potential impact of enhanced policy action for the electricity sector under its accelerated case, which would position the world firmly on a path to a more sustainable and secure energy system.