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In good news for the fight against global warming,Punjabi Archives solar and wind power grew so swiftly that they overtook coal last year to become the largest source of cumulative installed power capacity worldwide, according to a new report.

The finding that renewables eclipsed coal in 2015 comes from the International Energy Agency (IEA), which has a track record of underestimating the rise in renewable energy deployment around the world.

The report, released Tuesday, revises upward the agency's previous projections, and contains some startling findings:

• Half a million solar panels were installed every dayaround the world in 2015.

• In China, two wind turbines were built every hourlast year.

• Total renewable energy capacity worldwide stood at 153 gigawatts at the end of last year, a 15 percent increase from the year before.

• China is the leader in installing renewable energy, representing 40 percent of global growth.

"We are witnessing a transformation of global power markets led by renewables," said IEA's executive director, Fatih Birol, in a statement. Birol cautioned, however, that government policies will be a major factor in determining how quickly renewable energy expands in the coming decades.

The IEA found that stronger policies backing renewable energy in many countries (particularly the U.S., China and Mexico) and cost reductions in solar and wind manufacturing are allowing renewables to grow faster than the organization previously anticipated.

Specifically, the IEA raised its projections for growth in renewable energy by 13 percent for the period between 2015 and 2021.

There are some important caveats to this report, though. Firstly, renewables do not yet outrank coal as the largest source of electricity generation in the world, but they are catching up fast. Secondly, it's likely that the new projections will have to be revised again, particularly if renewable growth rates rise further.

The reason renewables displacing coal-fired power plants is such a key indicator of success in combating global warming is that coal plants emit global warming pollutants such as carbon dioxide and contribute to smog, major concerns in developing countries like China and India.

This year, the amount of carbon dioxide in the air eclipsed 400 parts per million for the first time in more than 800,000 years. And the rate of renewable energy deployment is a crucial determinant of when the rise in greenhouse gases slows, stops or, someday, reverses.

Importantly, although the IEA report brings positive news for climate activists, no country is yet on a course of emissions cuts that is consistent with the objectives of the Paris Climate Agreement that goes into effect on Nov. 4.

That treaty, negotiated in France in December 2015, calls for nations to limit emissions of global warming pollutants in order to keep global warming to under 2 degrees Celsius, or 3.6 degrees Fahrenheit, above preindustrial levels by 2100.

Even with the staggering growth in renewable energy, we're currently on a path for at least 4.5 degrees Celsius, or 8.1 degrees Fahrenheit, of warming during that period.