FILE PHOTO: Fatih Birol, Executive Director of the International Energy Agency,
speaks with the media during the International Energy Forum (IEF) in New Delhi,
India, April 11, 2018. REUTERS/Altaf Hussain

Global renewable energy capacity is set to rise by 50% in five years’ time, driven by solar photovoltaic (PV) installations on homes, buildings and industry, according to the International Energy Agency (IEA).

The share of renewables in power generation is expected to rise to 30% in 2024 from 26% today.

Solar PV generation costs are expected to decline a further 15% to 35% by 2024, making the technology more attractive for adoption, the IEA said.

However, policy and tariff reforms are needed to ensure solar PV growth is sustainable and avoid disruption to electricity markets and higher energy costs, the report said.