• Saturday, Sep 18, 2021
  • Last Update : 06:50 pm

Electrifying growth of renewables despite pandemic

  • Published at 12:46 pm November 10th, 2020
electricity generated by renewables in the EU's 27 member states
The amount of electricity generated by renewables in the EU's 27 member states rose by 11% in the period from January to June Twitter

Wind and solar photovoltaic (PV) panels are on course to become the top source of electricity in a few years, first surpassing natural gas and then coal

The coronavirus pandemic may have dealt a blow to energy demand but growth of renewables in the electric power sector has continued at a record pace, an International Energy Agency (IEA) report said Tuesday.

Moreover, wind and solar photovoltaic (PV) panels are on course to become the top source of electricity in a few years, first surpassing natural gas and then coal.

"In 2025, renewables are set to become the largest source of electricity generation worldwide, ending coal’s five decades as the top power provider," said the head of the International Energy Agency, Fatih Birol.

"By that time, renewables are expected to supply one-third of the world’s electricity – and their total capacity will be twice the size of the entire power capacity of China today," he added.

The IEA's annual report on renewable energy put new capacity of renewable electricity generation on track for a record of almost 200 gigawatts this year despite the disruptions caused by the coronavirus.

The electricity generated by renewables will increase by 7% globally in 2020 despite a 5% annual drop in global energy demand, the largest since World War II, the IEA estimates.


Also read: Experts for re-fixing solar power generation target to 30,000MW by 2041


Furthermore, the Paris-based agency which advises advanced nations on energy policy expects growth in renewable power to set another record in 2021.

The blistering pace of growth is due in part to strong appetite by investors. The IEA pointed out that shares in publicly-listed renewables manufacturers and project developers have outperformed the overall energy sector and most major stock market indices.

Subsidies have also played a role and the IEA report said policymakers need to take steps to maintain the momentum as the expiration of incentives could lead to a decline in 2022.

"Renewables are resilient to the Covid crisis but not to policy uncertainties," said Birol. 

If incentives are maintained, however, the IEA expects growth of solar PV and wind could accelerate to 25% growth in 2022.

"Governments can tackle these issues to help bring about a sustainable recovery and accelerate clean energy transitions," added Birol.

But renewables outside the electricity sector are suffering from the impact of the coronavirus pandemic, the IEA found.

Biofuels have been hit by the drop in transport and industrial activity as countries have put in place restrictions to stem the spread of the coronavirus.

59
Facebook 58
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail