Renewable Energy Expands Again in 2017

The renewable energy report for 2017 is out – and the news is good for both renewable energy providers and the planet overall.

Globally, renewable energy production grew from 2012 gigawatts (GWP) in 2016 to 2179 GWP last year – an increase of 8.3 percent. Most of that 167 GWP growth was in solar.

For those of you scoring at home, that’s 14 years of consecutive annual growth in renewable energy generation, with the pace of that growth increasing dramatically in 2011. Experts at the International Energy Agency (IAE) and elsewhere see that expansion continuing through 2022.

In China alone, solar capacity grew by 53 GWP in 2017,  with the rest of the world expanding its solar capacity by 45 GWP.

While global financial investment in renewables grew by only 2 percent in 2017, that figure is misleading. Thanks to continued technology advances, the cost of renewable technology and infrastructure, especially to support solar, continues to drop – allowing today’s dollar to buy considerably more solar capacity than it did a decade ago. That’s why PV solar, grew by 94 GWP, and comprised more than 30% of all renewables growth in 2017 (compared to just 10% for wind).

Hydropower still represents the largest percentage of renewable energy being generated worldwide, followed by wind and PV solar.

Proving that renewable energy production is far from its peak, the generating capacity of fossil-fuel-based electricity and carbon-based power still dominates electric power production worldwide. But solar, wind and other renewable sources make up 12.1 percent of present-day capacity – more than double the capacity a decade ago. 

This latest report simply confirms what we at CSDR Solar have known for years: renewable energy represents the future of energy and HCPV is the future of renewables.

And we couldn’t be better positioned.

Leslie Gomez