© Fotolia / Jens Ottoson

All across the globe, renewables are setting new records. This is the essence of the latest Renewables 2016 Global Status Report. According to this report, 2015 was yet another record year for new wind turbines, solar installations and other renewable technologies.

147 GW – the fastest expansion ever to be recorded

The previous record, which had been recorded in 2014, was surpassed by roughly 10 per cent. The installations installed in 2015 have a combined capacity of 147 gigawatts. Which compares to approx. 135 GW in 2014. Global investments in renewable energies totalled approx. $286 billion, which is also a record high. Also at an all-time high is the number of jobs provided by the sector: 8.1 million worldwide.

The following comparison shows just how enormous the amount of capacity is that has been added: The world's most powerful nuclear power plant, Grand Gulf 1 in the U.S., has a generating capacity of 1.5 GW. The global combined capacity of the renewables installations that were added last year is almost 100 times as much as that.

More countries introducing renewables targets

Part of the reason why such gigantic renewables capacities are being added is the fact that an increasing number of countries are introducing specific renewables targets. As of the beginning of 2016, such targets existed in 173 countries. This compares to 164 in 2015.

Germany has set itself the following targets: the share of renewables in our electricity consumption is to reach 40 to 45 per cent by 2025, and 80 per cent by 2050. This means that renewables are becoming the mainstay of our energy supply.

Germany is well on track to meet its targets. Last year, the share of renewables in our electricity consumption rose to just under a third (32.6 per cent, to be precise).

Renewables are ready to face competition

But the renewables targets imposed by a growing number of governments across the world are not the only reason why renewables are taking off. Much of their success has to do with the fact that they are becoming increasingly competitive. According to REN21, there is a large number of countries in which renewables are already cheap enough to be able to compete with fossil fuels.

Germany is one of them. In Germany, the technologies used to generate electricity from wind, solar energy and other renewables have matured enough to be ready to face the competition. This is one of the reasons why Germany is planning to change its funding system from fixed feed-in tariffs to a more market-based system.

The Renewables 2016 Global Status Report was published by the REN21 network last week. REN 21 is short for Renewable Energy Policy Network for the 21st Century.