Renewable energy generation capacity rose by 8.3 percent last year to 1,985 gigawatts worldwide, the fastest yearly rate on record, as indicated by data from the International Renewable Energy Agency (IRENA) on Thursday.
The strong growth was principally because of a constant drop in technology costs. Globally, capacity has increased by approximately a third over the last five years, mainly fueled by new installations of wind and solar energy. Wind power capacity increased by 17 percent, or 63 gigawatts (GW), from the previous year since the cost of onshore wind turbines decreased. Solar power capacity augmented by 37 percent, or 47 GW, because of in the price reductions of photovoltaic modules, according to IRENA's Renewables Capacity Statistics 2016. Regionally, the fastest growth in green generation capacity was in emerging countries. In Central America and the Caribbean it rose at a rate of 14.5 percent last year while capacity in Asia increased by 12.4 percent. [emp]