In its annual report on the renewable energy market, an IEA report revealed that renewable energy is expected to account for about 95 per cent of the increase in the world's electricity production capacity between now and the end of 2026, with solar energy contributing half of that increase.

The Paris-based agency said the capacity to produce electricity from renewable energy sources would rise to its second-highest level ever in 2021.

Fateh Berul, Executive Director of the International Energy Agency, said: "This year's record increases in electricity production from renewable energy sources of 290 gigawatts is another sign of a new global energy economy."

"The rise in commodity and energy prices that we are seeing now presents new challenges for the renewable energy sector, but rising fossil fuel prices make renewable energy sources more competitive," he added.