Wind, solar and other renewable power capacity grew at its strongest ever pace last year and now produces 22% of the world's electricity, the International Energy Agency said on Thursday in a new report.
More than £150bn was invested in 'green' generating systems in 2013, although the speed of growth is expected to slacken, partly because politicians are becoming nervous about the cost of subsidies.
Hydro and other green technologies could be producing 26% of the world's electricity by 2020. They are already used as much as gas for generating electrical power, points out the IEA.
But the total level of investment in renewables is lower now than a peak of £170bn in 2011 and is expected to average only £140bn annually to the end of the decade unless governments make increasing policy commitments to keep spending higher.
The current growth rate for installing new wind farms and solar arrays is impressive, but the IEA believes it is not enough to meet climate change targets, triggering calls in Brussels from green power group for Europe to adopt tougher, binding targets.
Justin Wilkes, the deputy chief executive of the European wind Energy Association, said, "The IEA report hits the nail on the head when it comes t ambitious national targets for 2030. Not only is a 27% target too low, but it doesn't oblige member states to follow through. Europe's head of state need to agree in October on a binding 30% renewables target if real progress is going to be made to improve Europe's energy security, competitiveness and climate objectives."
New figures released on Thursday by the industry body Energy UK, show wind provided a little over 4% of Britain's power generation in July compared with 42% for gas, 24% for nuclear, and 17% for coal.
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