Renewable Energy Medium-Term Market Report 2016: Executive Summary

Despite lower fossil fuel prices, renewable power expanded at its fastest-ever rate in 2015, thanks to supportive government policies and sharp cost reductions. Renewables accounted for more than half of the world’s additional electricity capacity in 2015. Yet, even with this progress, questions remain about whether renewables are on track to reach targets set by the Paris Agreement. This report examines these questions, looking closely at how renewable energy in the power, heat and transportation sectors will evolve over the next five years in the face of lower fossil fuel prices. It explores recent renewable deployment and policy trends across different regions and countries, particularly as costs for wind and solar photovoltaics (PV) continue to fall.