According to new data released by the International Renewable Energy Agency (IRENA), renewable generation capacity increased by 152 GW of 8.3 percent during 2015. This marks the highest global growth ever. Renewable Capacity Statistics 2016 finds that as of the end of 2015, 1,985 GW of renewable generation capacity existed globally.

“Renewable energy deployment continues to surge in markets around the globe, even in an era of low oil and gas prices. Falling costs for renewable energy technologies, and a host of economic, social and environmental drivers are favoring renewables over conventional power sources,” said IRENA Director-General Adnan Z. Amin. “This impressive growth, coupled with a record $286 billion invested in renewables in 2015, sends a strong signal to investors and policymakers that renewable energy is now the preferred option for new power generation capacity around the world.”

The report finds 2015 was a record year for solar and wind energy in large part due to a continued decline in technology costs. Wind power grew 63 GW (17%) driven by declines in onshore turbine prices of up to 45 percent since 2010. Solar capacity increased 47 GW (37%) thanks to price drops of up to 80 percent for solar photovoltaic modules in the same time period. Hydropower capacity increased by 35 GW (3%), while both bioenergy and geothermal energy capacity increased 5% each (5 GW and 1 GW respectively).

Overall, the study reports capacity has increased by roughly one-third over the last five years, with most of this growth coming from new installations of wind and solar energy.

The fastest growth in renewable generation capacity came in developing countries, in terms of regional power generation. Central America and the Caribbean expanded at a rate of 14.5 percent while in Asia, where additions accounted for 58 percent of new global renewable power generation capacity in 2015, capacity expanded at a rate of 12.4 percent. Capacity increased by 24 GW (5.2%) in Europe and 20 GW (6.3%) in North America.

“The significant growth rates for renewable generation capacity in developing economies are a testament to the strong business case for renewable energy,” added Amin. “Renewables are not just a solution for industrialized countries, they are also powering economic growth in the fastest growing economies in the developing world.”

Additional highlights include:

• At the end of 2015, hydropower accounted for the largest share of the global total renewable power generation capacity with an installed capacity of 1,209 GW.
• Almost 40 percent of bioenergy capacity is in Europe, with another 30 percent in Asia and the remainder divided equally between North and South America. Growth in 2015 was similarly distributed, with an increase of 1.8 GW in Europe, 1.7 GW in Asia and the remainder elsewhere.
• Geothermal power capacity increased by about 600 MW in 2015. Four countries (Italy, Mexico, Turkey and the United States of America) accounted for almost all of this increase.