Solar energy is the fastest-growing power source in 2016 as it accounted nearly two-thirds of the global net new capacity, a report said.
"We see renewables growing by about 1,000 GW by 2022, which equals about half of the current global capacity in coal power, which took 80 years to build", explained Dr Fatih Birol, the executive director of the IEA.
The IEA report comes as Ottawa aims to drastically cut carbon emissions, largely by expanding renewable energy capacity. Along with India and the United States, the three will be responsible for two-thirds of renewables expansion by 2022.
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This growth will mean that renewables meet 30% of the world's power needs by 2022, up from 24% in 2016.
China's push towards solar energy stems from the country's notoriously poor air quality, and in the country's 13th five-year plan, it announced an intention to increase the share of non-fossil energy to 15% by 2020.
After the success of the first wind auction resulted in discovery of record low wind tariff of Rs3.46 per kWh in February 2017, the ministry of new and renewable energy sanctioned a second wind auction scheme for setting up of 1,000 MW ISTS connected wind power projects on 4 May 2017. "We expect that solar PV capacity growth will be higher than any other renewable technology through 2022". China alone is expected to be responsible for 40 per cent of renewable capacity growth in the next five years, while India will double its renewable electricity capacity by 2022. However the forecast for now, according to the IEA, remains bright.
This would be the first time solar power has surpassed any other fuel as a power source.
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The report forecasts out the next five years of renewable energy growth, a short time-frame that is easier to project than some forecasts-like, say, the Energy Information Agency-that are routinely criticized.
Wind power tariffs in India have dropped to a record low of Rs 2.64 per unit, discovered through the auction for 1,000 MW projects conducted by state-run Solar Energy Corporation of India (SECI), an official statement said on Thursday.
The contrasting fortunes of the three largest solar markets - Japan being edged from the top table by India this year - highlight how the solar industry ebbs and flows.
Even the threat of cheap supplies of natural gas, a major competitor to renewable supplies, is unlikely to keep wind and solar supplies off the market as costs continue to fall.
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