Regularly criticized for its conservative estimates on renewable energy deployment and forecasted growth, the IEA has, in its Renewables 2017 report, suggested that renewable energy can reach 1,000 GW globally by 2022 - equalling half of the world's current coal power capacity and doing so in a vastly shorter timescale.
"Dozens of clean energy records have been shattered across the United States in the a year ago and a half".
The IEA addressed the proposed tax plan, saying "the current uncertainty over proposed federal tax reforms, global trade, and energy policies could have implications for the relative economics of renewables and alter their expansion over the forecast period".
It also said that the power from these projects will be supplied to obligated entities "for the fulfilment of their non-solar renewable purchase obligation at a pooled price of capacity selected".
Despite strongly rising sales, the share of EVs remains limited, and biofuels are still expected to represent over 90% of total renewable energy consumption in road transport by 2022, the report said.
The agency predicted that renewables will continue to have strong growth in the coming years.
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Despite slower capacity growth, hydropower will remain the largest source of renewable electricity generation in the IEA forecast, followed by wind, solar PV and bioenergy. "We expect that solar PV capacity growth will be higher than any other renewable technology through 2022". And for the first time in USA history, wind and solar energy made up more than 10 percent of all monthly electricity generation.
China is leading the pack with solar PV accounting for about half of the total global expansion. For the very first time, solar PV additions grew faster than any other resource, surpassing coal growth. They predict that by 2022, the capacity of renewable electricity should increase by 43 percent.
The IEA said coal will still be the largest source of electricity generation in 2022, though "renewables close the generation gap with coal by half in just five years".
In its report, the IEA labeled China as the world's "undisputed renewable growth leader", driven by concerns about air pollution and capacity targets that were outlined in the country's 13th Five-Year Plan (2016-20).
The price of Rs 2.64 per unit is lower than the average rate of power generated by coal-fuelled projects of NTPC Ltd, which stands at Rs 3.20 per unit.