World RE capacity to hit 2,252.3 GW in 2020

More countries now support renewables.

A new report from Frost & Sullivan said the past decade has seen massive developments in terms of regulations and markets for renewable energy. While fewer than 50 countries worldwide had renewable support policies in place in the early part of the last decade, this number has now reached over 120.

It said investments in renewables have also risen dramatically over the past decade.

It noted the European Union has set binding targets to source 20% of the bloc's total energy consumption from renewable energy sources in 2020, and targets for individual member states range from 10% for Malta to 49% for Sweden.

It believes climate and energy policies can substantially boost renewable energy penetration and innovation.

Frost & Sullivan believes this is also a clear sign of the gradual shift in market power to emerging economies where economic development and revised energy priorities will drive a more sustained increase in the adoption of wind, solar and biofuel generation technologies.