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The International Energy Agency (IEA) expects renewable energy generation to increase by nearly 200 GW this year, accounting for about 90%
of all new installed capacity globally.
China and the United States are driving record growth
this year.
In these markets, wind and solar are expected to grow by 30%
as developers complete projects before key incentives expire.
The IEA notes that renewables are growing, while all other parts of the energy industry, such as oil, gas and coal, as well as biofuels, are facing a sharp decline
due to the pandemic.
Thanks to China, India and the European Union, auctionable renewable energy generation increased by 15%
year-on-year in 2020 or at least the first 10 months.
Similarly, shares of publicly listed renewable equipment manufacturers and project developers outperformed most major stock market indices and the energy sector
as a whole.
The IEA expects a 10% increase in renewable power generation by 2021, this time led by the European Union and India
.
Projects postponed due to the pandemic will contribute to this, and markets with strong project pipelines are also expected to grow
.
India is expected to double its installations in 2020, becoming the largest contributor to the jump in new renewable energy capacity in 2021
.
In 2022, the expiration of support measures in key markets may lead to a decline
in installs.
However, if policy uncertainty is resolved in time, solar and wind energy could grow by 25%.
"Under favorable policy conditions, annual new increments in solar PV could reach a record level of 150 GW by 2022, meaning that this energy source will grow by almost 40%
in only three years," the IEA said.
”
Cost reductions and continued policy support will continue to drive strong growth
in renewables over the next five years.
The agency said that global cumulative wind and solar photovoltaic capacity is gradually surpassing natural gas in 2023 and coal
in 2024.
"By 2025, renewables will be the largest source of electricity generation," said Fatih Birol, executive director of the International Energy Agency.
”
The International Energy Agency (IEA) expects renewable energy generation to increase by nearly 200 GW this year, accounting for about 90%
of all new installed capacity globally.
China and the United States are driving record growth
this year.
In these markets, wind and solar are expected to grow by 30%
as developers complete projects before key incentives expire.
The IEA notes that renewables are growing, while all other parts of the energy industry, such as oil, gas and coal, as well as biofuels, are facing a sharp decline
due to the pandemic.
Thanks to China, India and the European Union, auctionable renewable energy generation increased by 15%
year-on-year in 2020 or at least the first 10 months.
Similarly, shares of publicly listed renewable equipment manufacturers and project developers outperformed most major stock market indices and the energy sector
as a whole.
The IEA expects a 10% increase in renewable power generation by 2021, this time led by the European Union and India
.
Projects postponed due to the pandemic will contribute to this, and markets with strong project pipelines are also expected to grow
.
India is expected to double its installations in 2020, becoming the largest contributor to the jump in new renewable energy capacity in 2021
.
In 2022, the expiration of support measures in key markets may lead to a decline
in installs.
However, if policy uncertainty is resolved in time, solar and wind energy could grow by 25%.
"Under favorable policy conditions, annual new increments in solar PV could reach a record level of 150 GW by 2022, meaning that this energy source will grow by almost 40%
in only three years," the IEA said.
”
Cost reductions and continued policy support will continue to drive strong growth
in renewables over the next five years.
The agency said that global cumulative wind and solar photovoltaic capacity is gradually surpassing natural gas in 2023 and coal
in 2024.
"By 2025, renewables will be the largest source of electricity generation," said Fatih Birol, executive director of the International Energy Agency.
”
