Tuesday, October 25, 2016

Finance: Coal Overtaken by Renewable Energy as King of Power

Renewables overtake coal as world’s largest source of power capacity (Financial Times)

About 500,000 solar panels were installed every day last year as a record-shattering surge in green electricity saw renewables overtake coal as the world’s largest source of installed power capacity.

Two wind turbines went up every hour in countries such as China, according to International Energy Agency officials who have sharply upgraded their forecasts of how fast renewable energy sources will keep growing an IEA report published on Tuesday showed.

“We are witnessing a transformation of global power markets led by renewables,” said Fatih Birol, executive director of the global energy advisory agency.