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The International Energy Agency said Wednesday that renewable energy growth will hit a record high this year, but remain "well below" what is needed to achieve net-zero emissions by 2050
.
In its annual review of renewable energy, the IEA said new renewable energy capacity is expected to reach 290 GW by the end of 2021, surpassing the record
of 280GW set last year.
This compares to 4,800GW
of current fossil fuel and nuclear power capacity.
However, the agency said soaring commodity prices are driving up production and transportation costs for solar panels and wind turbines, which could reduce investment
in the short term.
Higher increases offset some of the costs of
the renewable energy industry's decline in recent years.
If it continues next year, the cost of wind power will return to 2015 levels, and the cost decline of solar power in two to three years may disappear
.
Heymi Bahar, the report's lead author, noted that commodity prices are not a major obstacle to
renewable energy growth.
Licensing is a major barrier to new wind projects around the world, which means new policies are needed to expand consumer and industry use
of solar energy.
The agency predicts that by 2026, global renewable energy capacity will be more than 60% higher than 2020 levels, equal to the total global fossil fuel and nuclear power generation today
.
The IEA also said that China, one of the world's major emitters, is pushing for a global shift to renewable energy
.
The country's total installed wind and solar capacity is expected to reach 1,200 GW by 2026, four years
ahead of the target date.
India, another large emitter, expects to double its new renewable electricity capacity by 2026
.
The target set by COP26 to reach net zero by 2070 is also considered too weak by many
.
To accelerate the transition to clean energy, governments need to increase support for renewable energy by addressing key barriers to implementing renewable energy, including investment incentives, grid integration, underpay, social acceptance issues, and tailored policy approaches
, the agency said.
The International Energy Agency said Wednesday that renewable energy growth will hit a record high this year, but remain "well below" what is needed to achieve net-zero emissions by 2050
.
In its annual review of renewable energy, the IEA said new renewable energy capacity is expected to reach 290 GW by the end of 2021, surpassing the record
of 280GW set last year.
This compares to 4,800GW
of current fossil fuel and nuclear power capacity.
However, the agency said soaring commodity prices are driving up production and transportation costs for solar panels and wind turbines, which could reduce investment
in the short term.
Higher increases offset some of the costs of
the renewable energy industry's decline in recent years.
If it continues next year, the cost of wind power will return to 2015 levels, and the cost decline of solar power in two to three years may disappear
.
Heymi Bahar, the report's lead author, noted that commodity prices are not a major obstacle to
renewable energy growth.
Licensing is a major barrier to new wind projects around the world, which means new policies are needed to expand consumer and industry use
of solar energy.
The agency predicts that by 2026, global renewable energy capacity will be more than 60% higher than 2020 levels, equal to the total global fossil fuel and nuclear power generation today
.
The IEA also said that China, one of the world's major emitters, is pushing for a global shift to renewable energy
.
The country's total installed wind and solar capacity is expected to reach 1,200 GW by 2026, four years
ahead of the target date.
India, another large emitter, expects to double its new renewable electricity capacity by 2026
.
The target set by COP26 to reach net zero by 2070 is also considered too weak by many
.
To accelerate the transition to clean energy, governments need to increase support for renewable energy by addressing key barriers to implementing renewable energy, including investment incentives, grid integration, underpay, social acceptance issues, and tailored policy approaches
, the agency said.
