Renewable energy will have the highest share within the global energy mix in 2020 rising to 26 percent from 22 percent in 2013, according to the International Energy Agency's Friday report.
The rise referred to as "a remarkable shift in a very limited period of time," is attributed to "falling costs and aggressive expansion in emerging economies," the IEA said in its annual Medium-Term Renewable Energy Market Report.
IEA further elaborates that by 2020, renewable energy will generate more electricity that the current combined electricity demand of China, India and Brazil.
Additions to renewable electricity capacity over the next five years will top 700 gigawatts, according to the report.
The agency forecasts that deployment of renewables will increasingly shift to emerging economies and developing countries, "which will make up two-thirds of the renewable electricity expansion to 2020."
"China alone will account for nearly 40 percent of total renewable power capacity growth and requires almost one-third of new investment to 2020," the report adds.
Fatih Birol, the executive director of IEA, introduced the report during the G20 Energy Ministers Meeting in Istanbul. He acknowledged that “renewables are poised to seize the crucial top spot in global power supply growth," but warned against complacency.
“Governments must remove the question marks over renewables if these technologies are to achieve their full potential, and put our energy system on a more secure, sustainable path,” Birol argued.
By Zeynep Beyza Karabay