The International Energy Agency (IEA) reported that renewable energy capacity addition would reach a new record level in 2020. In contrast, fossil fuel capacity will decline due to an economic contraction and the COVID-19 pandemic. IEA said that the world’s renewables capacity would grow by 4% from 2019 to a record 198 GW in 2020. This means that renewable energy will contribute to 90% of the world’s total power capacity addition in 2020.
IEA said that the coronavirus pandemic disrupted construction and delayed the progress of renewable energy projects in the January-June period of 2020. However, the disruption and delays have since faded, and project activity has ramped up again. IEA said renewable-generated electricity would expand by 7% in 2020 despite a 5% annual decline in worldwide energy consumption. Next year, renewable capacity addition could grow by 10%, the fastest since 2015.
IEA added that policymakers needed to support the strong momentum in the renewable energy sector and address policy uncertainties. This will allow renewable energy capacity to increase to 271 GW in 2022. In 2025, renewables are expected to be the world’s largest source of electricity, supplying one-third of worldwide electricity, and dethroning coal which has been the top global power source for five decades, the report said.
