Renewable energy continuing to increase market share
During the month of July, the International Energy Agency (IEA) released data demonstrating the growing market share of renewable energy, which has reached 13.8% of the world's primary energy supply and nearly a quarter of electricity production. The IEA numbers also show that almost 50% of Africa's primary energy supply is renewable due to high dependence on biomass.
However, the adoption of modern renewable energy is not spread evenly, with developed countries and China driving most of the growth in solar and wind power. With solar photovoltaic, as one example, experiencing 44.1% annual average growth from 1990-2015, Multilateral Development Banks investments made now have the opportunity to support Sustainable Development Goal 7 by ensuring developing countries capture a significant share of that growth over the next 25 years.
Read IEA Press Release here.
A summary of the findings is available for free download here.