GWEC reports annual installation growth of 22% year over year to a record 63.5 GW. Cumulative global installs reached 432.9 GW. This builds on record solar installations globally in 2015 and significant progress in energy efficiency.
The combined impacts included a decline in the global consumption of thermal coal in 2015. IEEFA expects these trends to accelerate in 2016 and beyond as technology developments continue to improve the relative cost competitiveness of low-emissions technologies and the policy headwinds to fossil fuels builds on the international climate-change agreement inked last year in Paris.
Windpower Engineering and Development
Geographically, the wind industry’s growth is skewed heavily toward the Asia-Pacific region. China installed a world record 30 to 32 GW of wind in 2015 (the official tally varies by source and definition of when a project is formally commissioned). India was the fifth largest installer of wind globally, with installs of 2.6 GW to take its total cumulative installs to 25 GW. We note that the Government of India has set a target of 60 GW of cumulative wind installs by 2021 to 2022, suggesting that policy developments will more than double installs before the end of this decade.
Momentum is starting to build across Japan, Korea and Taiwan, albeit from a very low base and with a lack of a strong policy commitment to date. This year will likely see wind-energy expansion across Pakistan, Thailand and Vietnam.