/23rd December 2019, RENEWABLE MARKET WATCHTM/ Renewable energy now accounts for a third of global power capacity. The decade-long trend of strong growth in renewable energy capacity continued in 2018 with global additions of 171 gigawatts (GW). The annual increase of 7.9 per cent was bolstered by new additions from solar and wind energy, which accounted for 84 per cent of the growth. While Asia accounted for 61 per cent of total new renewable energy installations and grew installed renewables capacity by 11.4 per cent, growth was fastest in Oceania that witnessed a 17.7 per cent rise in 2018. Africa’s 8.4 per cent growth put it in third place just behind Asia. Nearly two-thirds of all new power generation capacity added in 2018 was from renewables, led by emerging and developing economies. Globally, total renewable energy generation capacity reached 2,351 GW at the end of last year – around a third of total installed electricity capacity. Hydropower accounts for the largest share with an installed capacity of 1 172 GW – around half of the total. Wind and solar energy account for most of the remainder with 564 GW and 480 GW capacities, respectively. Other renewables included 121 GW of bioenergy, 13 GW of geothermal energy and 500 MW of marine energy (tide, wave and ocean energy).
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