Overview

The renewable electricity market has witnessed an unprecedented acceleration in recent years, and it broke another annual deployment record in 2016. The market's main driver last year was solar photovoltaics, which is boosting the growth of renewables in power capacity around the world. As costs decline, wind and solar are becoming increasingly comparable to new-build fossil fuel alternatives in a growing number of countries. China remains the dominant player, but India is increasingly moving to the centre stage. Government policies are introducing more competition through renewable auctions, further reducing costs. The IEA's newly renamed Renewables 2017 (formerly titled Medium-Term Renewables Market Report) provides a detailed market analysis and overview of renewable electricity capacity and generation, biofuels production, and heat consumption, as well as a forecast for the period between 2017 and 2022. This year's report also provides additional analysis on the contribution of electric vehicles to renewable road transport and on the off-grid solar market in Africa and developing Asia. Finally, the report identifies a set of policy improvements in key markets that could accelerate the growth of renewables in the electricity sector as well as the growth of transport biofuels for the first time. These are needed to accelerate decarbonisation in all sectors in order to be on track to meet long-term climate goals.

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The OECD is an international organization that consists of 30 Member countries from the developed world that accept the principles of representative democracy and free market economy. It originated in 1948 as the Organization for European Economic Cooperation (OEEC) to help administer the Marshall Plan for the reconstruction of Europe after World War II. Later its membership was extended to non-European states, and in 1961 it was reformed into the OECD. The organization provides a forum where governments can compare policy experiences, seek answers to common problems, identify good practice and co-ordinate domestic and international policies. With active relationships with some 70 other countries and economies, NGOs and civil society, the organization has a global reach. Renowned for its publications and statistics, its work covers economic and social issues from macroeconomics, to trade, education, environment, development and science and innovation.

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