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‘Turning point’ in green energy prompts IEA to drastically raise 5-year outlook

Move aside fossil fuels, a big energy watchdog is getting bullish on renewable sources.

In its medium-term Renewable Market Report, the International Energy Agency on Tuesday significantly raised its five-year forecast for green energy, thanks to a rapid decline in costs and strong political support in key countries, such as the U.S. and China.

The agency now sees global renewable electricity capacity jumping by 42% by 2021, up 13% from its forecast last year. The upbeat outlook comes after a record 2015 for renewables, when clean energy overtook coal as the biggest source of newly installed capacity in the world.

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