This year, renewable energy capacity is expected to increase by 4%.
According to the International Energy Agency’s Renewable 2020 Report, renewable energy capacity is expected to increase by 4% globally this year.
Energy efficiency is the maximum power output for a given power source when it is running at full capacity.
The report released on Tuesday is an update of the IEA’s May forecast, released when the COVID-19 pandemic was shutting down economies around the world. The updated report provides analysis and forecasts through 2025 that will impact COVID-19 on renewal.
Additionally, it is expected to set a new record with 200 MW of installed capacity worldwide and could account for 90% of the total power capacity.
“Half of all new electric power generation added to global electricity markets this year comes from solar PV. Half of it and [the] IEA Executive Director Drs. “More than half of everything is put together,” Fatih Birol announced the report during a press conference. Two-thirds of the new capacity by 2025. “
The United States and China are a large part of the increase. Both are expecting a 30% increase in their wind and solar capacity as developers try to complete projects ahead of policy changes.
In comparison to the May report, IEA increased its renewable capacity by 18% in 2020. In the first report, the agency estimated that renewable capacity would decline for the first time in 20 years due to construction delays, supply chain disruptions and all-around shutdowns. The world due to the epidemic.
They cite the easing of border restrictions as well as the accelerated ramp-up of construction and manufacturing since mid-May as the reason for the increase in the latest report.
The IEA projected a record 10% increase in 2021 due to growth in delayed projects and markets that were strong before the epidemic.
However, in 2022, they predict a slight decrease in capacity additions due to uncertain policies in key markets such as the US and China.
With growth in the coming years, the IEA states that installed solar and wind capacity should exceed natural gas capacity in 2023 and coal in 2024, and renewable energy by 2025 with coal as the world’s largest source of electricity Will overtake you.
Dr. “Before 2025, renewable coal would overtake coal and be the number one source of electricity generation and coal had the highest share in global electricity generation since the early 1950s,” Birol said. “If major countries, such as the United States and China, push to reinvigorate their policies, this overtaking of renewable coal could happen sooner than 2024. [to] 2025 “
Hydropower will continue to produce almost all renewable electricity with wind and solar second and third respectively.