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Renewable energy capacity worldwide will rise to a record 200 GW this year, the International Energy Agency predicts. Renewables 2020 report.
The increase, which represents almost 90% of the total expansion of global energy capacity worldwide, is led by wind, hydroelectric and solar photovoltaic energy. Wind and solar additions, in particular, will increase by 30% in both the US and China as developers rush to take advantage of expiring incentives.
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Strong growth is even anticipated in the future. According to the IEA report, India and the European Union will likely drive a record expansion of global renewable capacity additions of nearly 10% next year, which would be the fastest growth since 2015. This will occur due to the commissioning of Delayed projects run disrupted the pandemic led to lockdowns that halted construction and cut off supply chains.
As growth returns to markets where the pre-COVID-19 project pipelines were strong, India is expected to be the largest contributor. India’s annual entry into the renewable energy sector appears to double from 2020 to 2021.
The effect of the COVID-19 pandemic on the renewable energy sector is not so imagined
“Renewables appear to be immune to Covid-19,” said Fatih Birol of the International Energy Agency, revealing that clean energy had defied the pandemic crisis that has affected all other areas of the energy sector.
At a press conference for the launch of the latest IEA report on renewable energy, Executive Director Birol said the global energy sector was “experiencing its worst year since World War II.”
He said the impact of the coronavirus on the industry was seven times worse than that of the global financial crisis earlier this century.
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However, he emphasized that renewable energy was the area that was opposed to this trend. “Ninety percent of global energy growth comes from renewables,” he said, highlighting a particular success story in India, which saw 15 GW of wind and solar power installed in the first half of this year, as much as it was installed. throughout 2019..
“Renewable energy is defying the hardships caused by the pandemic, showing robust growth while other fuels struggle,” Birol said.
“The sector’s resilience and positive outlook is clearly reflected in continued strong investor appetite, and the future looks even brighter with further capacity additions on track to set new records this year and next.”
The only thing that could slow growth is political uncertainty
But the IEA cautions that policymakers have yet to take action to support the strong push for renewables.
In the report’s main forecast, the expiration of incentives in key markets and the resulting uncertainties lead to a small decrease in renewable capacity additions in 2022. But if countries address these political uncertainties in time, the report estimates that the Global solar PV and wind additions could each increase by an additional 25% in 2022.
Critical factors influencing the pace of implementation will be political decisions in key markets such as China and effective support for rooftop solar PV, which has been hit by the crisis as households and businesses prioritized their investments.
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“Renewables are resilient to the COVID-19 crisis but not to political uncertainties,” Birol said. “Governments can address these issues to help achieve a sustainable recovery and accelerate clean energy transitions.
“In the United States, for example, if the clean electricity policies proposed by the next US administration are implemented, they could lead to a much faster deployment of solar photovoltaic and wind energy, contributing to a faster decarbonization of the energy sector.”
Birol urges the world not to ignore the potential of biofuels
Birol also used the press conference to deliver what he called a “warning message” about biofuels and the “missed opportunity” he witnessed in the aviation sector.
He said that of around 30 airlines that received pandemic-related bailouts from their governments, only four received the money on the condition that they adopt energy efficiency measures to combat climate change.
The report’s outlook, for the next five years, predicts that cost reductions and sustained policy support will continue to drive strong growth in renewable energy technologies.
Total photovoltaic solar and wind power capacity is on track to surpass natural gas in 2023 and coal in 2024. Driven by rapidly declining costs, annual offshore wind power additions will increase, accounting for one-fifth of the total wind market in 2025. Capacity will take the amount of renewable electricity produced globally to new heights.
“In 2025, renewables will become the largest source of electricity generation worldwide, ending the five decades of coal as the main energy supplier,” said Dr. Birol. “By then, renewables are expected to supply a third of the world’s electricity, and its total capacity will be twice the total power capacity of China today.”
This story is written by Kelvin Ross and Theresa Smit
