Growth rate total renewables 2020 to 2022

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Question

According to OECD estimates, over 1.881M of tonnes of oil equivalent (toe) of renewable energy was produced in 2016. Renewable energy production saw impressive growth over the 70's during which total renewable energy produced grew at an average rate of 2.4%. This slowed down in the 90's to around 1.46%, but has picked up recently. Over the 2014 to 2018 period, more renewable energy capacity has been installed than new fossil fuel and nuclear capacity combined (REN 21, 2019). Of the new renewable energy capacity installed in 2018, 55 percent (about 100 GW) was solar PV; wind power had 28 percent, and hydropower 11 percent (ibid.). This suggests that the future of the world depends on solar continuing to boom.

Over the 2014 to 2016 period (exclusive), total renewable energy produced grew at an impressive 2.4% year-over-year, on average.

What will the average growth rate be, of total renewable energy produced worldwide over the 2020 to 2022 period (inclusive)?


Resolution

This question resolves as the geometric mean of year-over-year growth in total renewable energy produced worldwide in % for the periods 2019 to 2020, 2020 to 2021, and 2021 to 2022, as calculated from OECD estimates.

For the purpose of this question, by average growth rate, we mean the compound annual growth rate, i.e. , where is the total total renewable energy produced worldwide in time .

Data

Historical data can be found here. Please make a copy by clicking "file" and then "make a copy" if you wish to edit it. If you make useful additions to the dataset, please share the file in the comments.

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