Canada's renewable energy capacity is still expected to grow at a robust 10 per cent per year, the report said, and is expected to supply 69 per cent of overall power generation in the country by 2022.
When it comes to power generation, the IEA said that renewable electricity was seen growing by over a third by 2022, hitting more than 8,000 terawatt hours.
The report identified the growing cost of renewable subsidies and grid integration in China as potential barriers to further growth, and noted that China's renewable energy policies are being modified in order to address these challenges. Along with India and the U.S., the three will be responsible for two-thirds of renewables expansion by 2022. As Bloomberg New Energy Finance founder Michael Liebreich pointed out in a recent presentation, actual renewables growth has for many years outpaced IEA's annual forecasts (check out pages 54-74 of this document). "Solar power is clearly the most important new clean energy source, with more new capacity added in 2016 than dirty coal", said Jan Erik Saugestad, CEO of Storebrand Asset Management.
According to the IEA's report on Wednesday, renewables accounted for almost two-thirds of net new power capacity in 2016.
Pro-Brexit party picks leader, rejects anti-Islam candidate
A banner was superimposed with an image of Mr Farage posing as Adolf Hitler with the European Union logo in the background. Phil Hornby spent the day on the English Riviera, and watched the build-up to an unexpected result.
Earlier this year, auctions yielded the lowest solar power tariff of Rs 2.44 per unit.
This growth will mean that renewables meet 30% of the world's power needs by 2022, up from 24% in 2016.
China continues to be the main driver of growth in renewable.
Globally, falling auction prices for wind and solar projects have contributed to the rise in new renewable energy capacity. Total solar PV capacity by then would exceed the combined total power capacities of India and Japan today, the IEA said.
"Dozens of clean energy records have been shattered across the United States in the a year ago and a half", said co-author Ralph Cavanagh, co-director of NRDC's energy program. One bidder offered Rs 2.83 per unit in Solar Energy Corporation of India's second auction of wind projects that started on Wednesday afternoon.
The Renewables 2017 report takes a deep dive into renewable energy deployment across all industries and throughout the world, but the dominance of solar PV stands out.