The International Energy Agency (IEA) said today that power generation from renewable sources will surpass generation by natural gas by 2016. Renewables will also generate twice as much power worldwide as nuclear energy in the same time frame.
The projection is included in the IEA's "Medium-Term Renewable Energy Market Report," and includes electricity generation from renewable sources like hydropower, wind, solar, geothermal and biomass. Renewables are currently the fastest growing sector of the electricity generating sector, and they are expected to account for a quarter of global power generation by 2018, up from 20% in 2011.
The report was preceded by President Obama's "Climate Change Action Plan", Tuesday June 25th. Obama unveiled the Administrations tasks for the immediate future.
"I'm setting a new goal," Obama said. "Your federal government will consume 20 percent of its electricity from renewable sources within the next seven years."
Maria Van Der Hoevan, Executive Director of the IEA, presented the report while delivering the keynote speech at the Renewable Energy Finance Forum in New York.
The report contains analysis of market trends for renewable electricity in more than 20 countries and regions and predictions that renewable power will increase by 40 percent in the next five years.
image from nationalgeographic.com