Mon, Oct 17, 2016 - Page 14 News List

IEA to raise solar, wind forecasts to end underestimates

Bloomberg

The world’s most prominent energy forecaster is to raise its outlook for wind and solar installations following a decade of underestimating growth in the renewables industry.

The International Energy Agency (IEA), which was established as a watchdog of the industry in the wake of the 1973 oil crisis, is to “significantly” raise its estimates for renewables when it publishes its annual mid-term market report for the industry at the end of this month, an IEA spokesman said.

The findings will feed into the World Energy Outlook report due next month, which is used by many forecasters as a starting point for trends in the industry.

Although the IEA aims to provide its 29 member nations impartial advice, it has been criticized for publishing conservative estimates.

“The IEA has significantly raised its estimates for the deployment of renewables compared with previous years reflecting major changes in energy policies around the world, such as the adoption of the Paris Agreement,” IEA spokesman Jad Mouawad said by e-mail.

Bloomberg New Energy Finance and IHS Inc are among the private forecasters along with investment banks that also assess world energy supply and demand.

The agency has been a key voice in guiding policymakers toward cleaning up the pollution blamed on global warming.

Its annual outlook includes scenarios countries could adopt to keep global warming to the UN goal of 2°C since the industrial revolution.

This year’s forecasts seek to reflect the growing number of countries adopting climate change policies, as well as the global deal to curb carbon emissions and global warming agreed in Paris in December last year.

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