IEA: Renewables will account for 95% of global electricity added by 2025

According to the latest report by the International Energy Agency (IEA), renewable energy used to generate electricity will grow by 7% by 2020, in stark contrast to
other fuels.
Although global energy demand will fall by 5%, the increase in grid-connected capacity and the continuous installation of new projects indicate strong growth
in renewable electricity.

India will be the largest contributor to renewable energy growth in 2021, with the country's annual increase expected to double in 2021 compared to 2020
, the report said.
Many auction projects are expected to be operational in 2021, which will boost growth
next year.

The ongoing COVID-19 pandemic has severely impacted the renewable energy sector, but driven by new capacity, the renewable energy industry has fought the pandemic and continues to grow
.
The expansion of utility projects compensated for the decline in rooftop installations, and the solar industry remained stable
.

Since February this year, nearly 100 countries, mainly in Europe, Asia and North America, have implemented lockdown measures to contain the pandemic
.
These safety regulations and liquidity restrictions have also disrupted supply chains and delayed the construction of
renewable energy projects.

According to the latest report, global renewable energy installations are expected to grow by nearly 10%
in 2021.
The United States, India and some European countries have allowed developers to complete projects
months after the auction deadline at the end of 2020.

In the U.
S
.
, renewable energy generation nearly doubled in the first half of 2020 compared to last year, largely as wind developers rushed to commission projects to meet deadlines for federal tax incentives.

In Europe, although new renewable energy capacity additions in the first half of 2020 were lower than in 2019, the pace of installations increased in
the second quarter.
Compared to the same period last year, the ASEAN region saw a nearly 60% reduction in installed capacity in the first half of 2020
.

The report suggests that the increase in renewable power generation will decline slightly in
2022 due to policy uncertainty.
Onshore wind and solar subsidies expire in China this year, and the Chinese government will announce the policy framework of the 14th Five-Year Plan at the end of next year, partly creating an atmosphere of uncertainty about the expansion of the renewable energy sector
.

From the perspective of solar energy, the global installed solar capacity will be nearly 107 GW in 2020, but the average annual new solar capacity is expected to be 130-165 GW between 2023 and 2025
.
Over the next five years, the cost of generating electricity for large-scale solar projects is expected to fall by another 36%, making solar energy the most cost-effective energy source
in most countries.

From the perspective of wind power generation, the global installed capacity of wind power is expected to be 65 GW in 2020, an increase of 8%
year-on-year.
The share of offshore wind will reach 15% in 2022, up 50%
from 2019 levels.

In terms of global electricity demand, solar and onshore wind have become the most cost-effective resources
for new power projects in most countries.
Overall, renewables are expected to account for 95%
of global net electricity additions by 2025.

By 2025, renewable energy will overtake coal to become the world's largest source of power generation
.
At the same time, renewable energy will account for one-third
of global electricity.