IEA World Energy Outlook 2016 predicts 37% market share of renewable power for 2040

If the nations which have ratified the Paris agreement would stand by their pledges, 37% of global power generation would come from renewables, up from today’s 23%. The main scenario of the recently launched World Energy Outlook by the International Energy Agency predicts nearly 60% of all new power generation capacity to 2040 to come from additional renewable energy.

By the same date, the majority of renewables-based generation is said to be competitive without any subsidies.

However, the pledges under the Paris agreement for the energy sector are a far cry from what is required to achieve the 2°C target.