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Key drivers of the rise in renewables-based electricity include policy support and technology cost reductions, the International Energy Agency (IEA) said in its World Energy Outlook 2018.

"Stable support policy frameworks help drive down costs, in turn providing for increasing policy support while maintaining energy affordability. As a result by 2040, the global average support per unit of output for new solar PV projects declines almost 90 percent, and for new wind power projects it declines by almost 70 percent," said the report.

In the New Policies Scenario, renewables make up more than 60 percent of gross capacity additions to 2040 in most regions, reaching half of global power generation capacity by 2035, according to the report.

IEA believes that solar PV is one of the fastest growing technologies, and is projected to become the second-largest installed capacity, with installed capacity overtaking wind in the next few years, hydropower within 15 years and coal before 2040.

China and India drive the global growth in solar PV; they are responsible for well over half of global solar PV capacity additions, according to the agency’s predictions.