The IEA addressed the proposed tax plan, saying "the current uncertainty over proposed federal tax reforms, global trade, and energy policies could have implications for the relative economics of renewables and alter their expansion over the forecast period".
Solar capacity in Canada is expected to grow by 2GW to 4.7GW in 2022, mostly due to feed-in-tariff programs in Ontario and renewable energy tenders now underway in Alberta. "Overall, weaker electricity demand, overcapacity and limited visibility on forthcoming auction capacity volumes in some markets remain challenges to renewable growth". Total solar PV capacity by then would exceed the combined total power capacities of India and Japan today, the IEA said.
Renewable growth in the European Union over the forecast period is 40% lower compared with the previous five-year period. For the first time, solar additions rose faster than any other fuel, including coal. The IEA's report finds that China has in fact, already passed that goal in terms total solar photovoltaic (PV) capacity.
It also predicts fast growth in off-grid solar PV, which could bring electricity to nearly 70 million more people in Asia and sub-Saharan Africa.
Moreover, the growth of solar PV capacity will be more than other renewable technologies by 2022.
"While coal remains the largest source of electricity generation in 2022, renewables close in on its lead".
The price of Rs 2.64 per unit is lower than the average rate of power generated by coal-fuelled projects of NTPC Ltd, which stands at Rs 3.20 per unit. It predicts that renewables will continue to see strong growth in coming years, expected to increase by 43% by 2022.
It said that five winners selected for total 1,000 MW capacity wind power projects include ReNew Power for 250 MW projects quoting Rs 2.64/kWh, Orange Sironj for 200 MW projects quoting Rs 2.64/kWh, Inox Wind for 250 MW projects quoting Rs 2.65/kWh, Green Infra for 250 MW projects quoting Rs 2.65/kWh and Adani Green for 50 MW projects quoting Rs 2.65/kWh.
"When you look at how clean energy development has exploded beyond official government projections from just 10 years ago, it offers hope that its potential will continue to far surpass expectations and we'll meet our USA climate goals", she said.