The world's dependence on fossil fuels still persists, but renewable resources took a huge leap forward last year in carrying some of the energy burden, according to a new report.
Green technology like wind and solar energy now accounts for 22 percent of the world's electricity, according to the International Energy Agency (IEA). That output is on par with gas electricity. Renewable resources saw its power generation grow at its strongest pace ever in 2013
More than $250 billion went into investments for renewable energy sources last year, although that rate is expected to slow through 2020. The annual rate of investment over the next six years will average $230 billion. The stabilization of renewable power could hinder "absolute generation levels" necessary to meet the global climate change objectives, according to the IEA.
Governments also jeopardize the growing investment of renewable resources due to policy, regulation and the "costs of deploying renewables," according to IEA Executive Director Maria van der Hoeven. However, costs are falling for renewable power sources.
"Renewables are a necessary part of energy security," Hoeven said. "However, just when they are becoming a cost-competitive option in an increasing number of cases, policy and regulatory uncertainty is rising in some key markets."
Countries outside of the Organization for Economic Co-operation and Development, like China and other developing countries, accounted for 70 percent of the growth last year. Their renewable resources only produced 35 percent of the electricity, which indicates they still depend heavily on fossil fuels.
Non-renewable resources also make up a majority of the power for heating. They account for more than half of the world's energy consumption, according to the report. Renewable resources used for heat will only rise from 8 perecent in 2013 to 9 percent by 2020. Overall, renewables will grow by almost 25 percent by 2020, according to the report.
