According to the International Energy Agency (IEA) report renewables will account for about 95% of the increase in global power-generation capacity up to the end of 2026, with solar power alone providing about half of the increase.
This year has been installed about 290GW of new renewable energy generation capacity, mostly in the form of wind turbines and solar panels, despite the Covid-19 pandemic and rising costs for raw materials around the world.
Heymi Bahar, lead author of the report, said that wind and solar would still be cheaper than fossil fuels in most areas.
New climate and energy policies in many countries around the world have driven the growth, with many governments setting out higher ambitions on cutting greenhouse gas emissions before and at the Cop26 UN climate summit in Glasgow last month.
Fatih Birol, executive director of the IEA, said: «This year’s record renewable energy additions are yet another sign that a new global energy economy is emerging. The high commodity and energy prices we are seeing today pose new challenges for the renewable industry, but elevated fossil fuel prices also make renewables even more competitive».