Renewable vitality grew at its quickest tempo in 20 years final 12 months, led by China, and can proceed to develop within the subsequent two years, a report by the Worldwide Vitality Company (IEA) has confirmed.
New renewable vitality capability in 2020 rose by 45% to 280 gigawatts (GW) final 12 months, the most important year-on-year enhance since 1999, despite the fact that there have been provide chain disruptions and building delays because of the affect of COVID-19.
China accounted for 50% of renewable vitality capability development final 12 months and can account for 45% this 12 months and 58% in 2022, the report stated.
Globally, round 270 GW of latest capability is forecast to be added this 12 months and practically 280 GW in 2022, the IEA stated in a renewable vitality market outlook.
These forecasts have been elevated by greater than 25% from the company’s earlier forecasts in November as governments have auctioned file quantities of renewable vitality and corporations have signed a file variety of energy buy agreements.
Governments auctioned 75 GW of offshore and onshore wind, photo voltaic photovoltaic and bioenergy capability final 12 months, up 20% from 2019.
“Wind and solar energy are giving us extra causes to be optimistic about our local weather objectives as they break file after file,” stated IEA government director Fatih Birol.
“Final 12 months the rise in renewable capability accounted for 90% of the complete international energy sector’s growth,” he added.
Nevertheless, governments have to set insurance policies to encourage extra funding in photo voltaic and wind and the extra grid infrastructure they may require, in addition to different renewable applied sciences equivalent to bioenergy and geothermal, Birol added.