Powered by China and the US, new additions to renewable energy capacity worldwide will rise to record levels of around 200 GW this year, IEA's Renewal 2020 Report Forecast.
New Delhi (Natural Energy News): Renewable energy is going strong worldwide this year, in sharp contrast to many other parts of the energy sector such as the oil, gas and coal crisis due to the Covid-19 crisis, a report by the International Agency Agency. IEA) said on Tuesday.
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And India hopes to make the biggest contribution to the next year's renewal.
Powered by China and the US, new additions to renewable energy capacity worldwide will increase to record levels of around 200 GW this year, IEA's Renewables 2020 report forecast.
This increase - representing approximately 90 percent of the total expansion in total electricity capacity globally - is led by wind, hydropower and solar PV. Wind and solar additions are slated to jump 30 percent in both the US and China as developers rush to take advantage of the incentive.
Stronger development has to be done. According to the report, India and the European Union will be the driving forces next year after a record expansion of around 10 percent of global renewable capacity additions.
This is a result of the commissioning of delayed projects where construction and provide chains were disrupted by the epidemic and development in markets where the pre-Covid project pipeline was strong.
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India is expected to be the largest contributor to the renovation to take place in 2021, with the country's annual growth doubling from 2020.
IEA executive Fatih Birol said, "Renewable power is reinforcing the hardships caused by the epidemic, while others are rapidly increasing."
"The locality's strength and positive expectations are evaluated by the powerful desire of investors - and thus the future glares brightly with new capability improvements to line new records this year as well as the next year."
In the first 10 months of 2020, China, India and the European Union have auctioned renewable energy capacity by 15 percent worldwide compared to the same period last year - a new record that expects strong demand for medium and renewable sectors Shows and long term.
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At an equivalent time, shares of publicly listed renewable equipment manufacturers and project developers outperform most major stock exchange indices and therefore the overall energy sector.
By October, shares of solar companies worldwide had more than doubled since December 2019.
However, policymakers still got to take steps to support the strong momentum behind renewables. In the main forecast of the IEA report, termination of incentives in key markets and resulting uncertainties lead to a small decline in renewable capacity addition in 2022.
But if countries timely address these policy uncertainties, the report estimates that global solar PV and wind additions could increase by 25 percent each in 2022.
Key factors affecting the speed of deployment will be policy decisions in major markets such as China, and effective support for rooftop solar PV, which has been affected by the crisis in the form of homes and businesses.
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Under favourable policy conditions, solar PV annual additions can reach record levels of 150 gigawatts (GW) by 2022 - a rise of nearly 40 per cent in only three years.
The report has estimated that globally, renewable energy will grow by seven percent in 2020. This increase comes despite a five percent annual decline in global energy demand, the largest since World War II.
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