Renewable energy systems boom despite Covid-19

November 12, 2020 //By Nick Flaherty
Renewable energy systems boom despite Covid-19
Renewables will account for almost 90% of the increase in total power capacity worldwide in 2020 and will accelerate in 2025 to their fastest growth in the last six years says a report from the IEA report.

Renewable power is growing robustly around the world, especially in Europe, contrasting with the sharp declines triggered by the Covid-19 crisis in many other areas, says the International Energy Agency (IEA).

Growth this year of 200GW of capacity is being driven by China and the United States as developers rush to take advantage of expiring incentives but even stronger growth is to come from Europe and India to 2025.

“In 2025, renewables are set to become the largest source of electricity generation worldwide, ending coal’s five decades as the top power provider,” said Dr Fatih Birol, Executive Director of the IEA. “By that time, renewables are expected to supply one-third of the world’s electricity – and their total capacity will be twice the size of the entire power capacity of China today.”

For the first time the IEA has also made its data available through a Data Explorer.

Europe and India will drive growth of 10 percent 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 growth in renewables in 2021, with the country’s annual additions doubling from 2020.

“Renewable power is defying the difficulties caused by the pandemic, showing robust growth while other fuels struggle,” said Birol. “The resilience and positive prospects of the sector are clearly reflected by continued strong appetite from investors – and the future looks even brighter with new capacity additions on course to set fresh records this year and next.”

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