In a news release, WEC said that in the last 10 years wind and solar power had seen “explosive average annual growth” of 23 percent and 50 percent.
The report also said that $286 billion was invested in 154 gigawatts of “new renewables capacity” in 2015, with China’s spending on renewable sources representing 36 percent of global investments.
“The success of both the development of intermittent renewables and their efficient integration in electricity systems fundamentally depends on the right market design and regulatory framework and solid regional planning to avoid bottlenecks,” Christoph Frei, secretary general of the WEC, said in a statement.
The report comes in the wake of last year’s historic COP21 agreement in Paris. There, global leaders agreed to make sure global warming stayed below 2 degrees Celsius and to also pursue efforts to limit the temperature rise to 1.5 degrees Celsius.
“We are beyond the tipping point of grand energy transition,” Frei added. “Implementing technically and economically sound, stable policies supported by clear carbon price signals will enable this transition and take us a step closer to meeting the climate aspirations agreed at COP21.”
The report, Variable Renewables Integration in Electricity Systems 2016 – How to get it right, was launched on September 20 and published by the WEC in partnership with CESI S.p.A.
The WEC said that it drew upon 32 country case studies, representing roughly 90 percent of global installed solar and wind capacity.