Renewable energy sources now account for 30% of global power generation capacity and 23% of production, according to a new report.

The World Energy Council (WEC) said that wind and solar had experienced “explosive” growth of 23% and 50% respectively over the past ten years.

Yet the two forms of generation still only account for a combined 4% of global electricity supply.

Hydro and biomass still dominate renewables generation.

‘Beyond the tipping point’

A record $286 billion (£219bn) was invested in 154GW of renewables capacity in 2015 – with wind and solar together accounting for 76% of investment – dwarfing the 97GW of conventional generation capacity that was added to the global system.

Christoph Frei, Secretary General at the WEC, said: “The success of both the development of intermittent renewables and their efficient integration in electricity systems fundamentally depends on the right market design and regulatory framework and solid regional planning to avoid bottlenecks.

“We are beyond the tipping point of grand energy transition.

“Implementing technically and economically sound, stable policies supported by clear carbon price signals will enable this transition and take us a step closer to meeting the climate aspirations agreed at COP21.”

> Download the report (requires registration)