Renewable power Posts record growth in 2020
Renewables will account for almost 90% of the increase in total power capacity worldwide in 2020 and will accelerate in 2021 to their fastest growth in the last six years, new IEA report says
Renewable power is growing robustly around the world this year, contrasting with the sharp declines triggered by the Covid-19 crisis in many other parts of the energy sector such as oil, gas and coal, according to a report from the International Energy Agency released today.
Driven by China and the United States, new additions of renewable power capacity worldwide will increase to a record level of almost 200 gigawatts this year, the IEA’s Renewables 2020 report forecasts . This rise – representing almost 90% of the total expansion in overall power capacity globally – is led by wind, hydropower and solar PV. Wind and solar additions are set to jump by 30% in both the United States and China as developers rush to take advantage of expiring incentives.
Even stronger growth is to come. India and the European Union will be the driving forces behind a record expansion of global renewable capacity additions of nearly 10% next year – the fastest growth since 2015 – according to the report. This is the result of the commissioning of delayed projects where construction and supply chains were disrupted by the pandemic, and growth in markets where the pre-Covid project pipeline was robust. India is expected to be the largest contributor to the renewables upswing in 2021, with the country’s annual additions doubling from 2020.
Over the first 10 months of 2020, China, India and the European Union have driven auctioned renewable power capacity worldwide 15% higher than in the same period last year – a new record that shows expectations of strong demand for renewables over the medium and long term. At the same time, shares of publicly listed renewable equipment manufacturers and project developers have been outperforming most major stock market indices and the overall energy sector.
By October, shares of solar companies worldwide had more than doubled in value from December 2019.
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Submitted by: Press release