Growth in renewable energy deployment and output continued in 2017, particularly in the power sector, thanks to several factors, including: increasing access to finance concerns about energy security, the environment and human health growing demand for energy in developing and emerging economies the need for access to electricity and clean cooking facilities and dedicated policy initiatives and ambitious targets. Solar PV and wind power are joining them: both are now competitive with new fossil fuel capacity in an increasing number of locations, and they are coming closer to being competitive with existing fossil fuel and nuclear power generation. Several renewable energy technologies – such as hydropower, bioenergy and geothermal power and heat – have long been established as mainstream and cost-competitive sources of energy. Many developments during the year affected the deployment of renewable energy, including the lowest ever bids for solar and wind power in tenders in several countries around the world, increasing digitalisation, heightened attention to electrification of transport, a number of jurisdictions pledging to become coal-free, new policies and partnerships on carbon pricing, and new initiatives and goals set by governments at all levels. The year 2017 was another record-breaking one for renewable energy, characterised by the largest ever increase in renewable power capacity as well as by falling costs, increases in investment and advances in enabling technologies.
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