In fact, power generation from such renewables will exceed that of gas and nuclear by 2016, according to a report published Wednesday by the International Energy Agency (IEA).

"As their costs continue to fall, renewable power sources are increasingly standing on their own merits versus new fossil-fuel generation," IEA executive director Maria van der Hoeven said in a statement.

The report's publication comes on the heels of a speech Tuesday by U.S. President Barack Obama in which he unveiled a plan to combat climate change by limiting greenhouse gas emissions from fossil-fueled power plants and increasing federal reliance on renewable energy sources. (See related quiz: "What You Don't Know About Solar Power.")

"I'm setting a new goal," Obama said. "Your