A report published by the International Energy Agency (IEA) has revealed that renewable energy has defied the coronavirus pandemic to hit new records. Worldwide, renewable electricity installations have reached an all-time high. According to the report, about 90% of all new electricity generation in 2020 is renewable.
If the IEA report is anything to go by, the world will see a record increase of 200 gigawatts in renewable energy capacity in 2020 compared to last year. This report is a sign of hope for a future dominated by renewable energy. If the trend is maintained, renewable energy sources could overtake fossil fuels and become the largest power source by 2025. As renewable energy takes center stage, the focus will be shifted to the U.S. and China, as they are the front-runners in the sector. The IEA anticipates that if the U.S. President-elect Joe Biden implements his energy policies, the transition to green energy could be much faster than anticipated.
“Renewable power is defying the difficulties caused by the pandemic, showing robust growth while others fuels struggle,” said Fatih Birol, IEA’s executive director. “The resilience and positive prospects of the sector are clearly reflected by continued strong appetite from investors.”
While fossil fuels have dwindled, wind power and solar have increased in capacity significantly. Solar has increased 18 times since 2010, while wind energy has increased about four times in the same period. According to Birol, solar power is projected to become the king of clean energy in the future. According to the report, hydropower dominated the renewable energy sector in 2010, taking about 77% of the market share. However, that has reduced to just about 45% in 2020.
Although renewables are doing well in 2020, it is not time to celebrate yet. IEA warns that to continue the positive trend, countries must adopt policy changes that govern the energy sector.
Via The Guardian
Image via Karsten W.