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The renewable electricity sector has grown rapidly in the past five years and now provides nearly 20 percent of the world’s power generation, the IEA said during the presentation of the report titled Deploying Renewables 2011.

The IEA’s report disagreed with claims that renewable energy technologies are only viable through costly subsidies and not able to produce energy reliably to meet demand. ”A portfolio of renewable energy (RE) technologies is becoming cost-competitive in an increasingly broad range of circumstances, in some cases providing investment opportunities without the need for specific economic support,” the IEA said, and added that “cost reductions in critical technologies, such as wind and solar, are set to continue.”

“The portfolio of RE technologies, which includes established hydro power, geothermal and bioenergy technologies is now, therefore, cost-competitive in an increasingly broad range of circumstances, providing investment opportunities without the need for specific economic support.”

But the IEA also defended subsidies in renewable energy technology as a necessary means to create a clean and independent energy supply system.  In the past, the IEA has been criticized by environmental groups for underplaying the role of renewable energy technologies in favor of nuclear and fossil-fuels….. http://www.reuters.com/article/2011/11/23/us-energy-iea-renewables-idUSTRE7AM0OV20111123