Indeed, the State Grid Corp of China, the country's state-owned utility firm, believes by 2050, China's use of clean energy will be more than 80% of the country's overall energy mix.
Moreover, the dramatic decline of renewable prices is a further boost.
In the U.S. solar energy pricing is at a record low, research from the Lawrence Berkeley National Laboratory shows, and further falls are expected. Power from large utility-sale solar plants will be selling at below the price of electricity from natural gas by 2021, the research said.
The IEA's overall bullish stance on renewables comes amid a dismal outlook for oil.
As the price of the international benchmark Brent continues to trade below $50, Birol expects ample supply to last until mid-2016. And despite lower prices benefiting consumers, he warns of wider consequences. Investment into upstream oil production has declined by more than 20 percent this year, with North America and Brazil making most of the cuts, he said. According to IEA estimates, the losses are set to continue next year, which will mark the first time in two decades that investments have decreased for two consecutive years.
Further proof of growing optimism in renewables can be seen in employment trends.
Direct and indirect employment in renewable energy rose 18 percent last year while the oil and gas sector shed more than 200,000 jobs since mid-June last year, Reuters reported, citing data from the International Renewable Energy Agency and Swift Worldwide Resources.