Global renewable power capacity will increase by 200 gigawatts or 7% by the end of 2020 according to a new report published by the International Energy Agency. This marks a new record for annual growth in the renewable energy sector and was driven by a surge in new projects from the US and China. Both countries saw a 30% increase in wind and solar as developers took advantage of financial incentives due to expire at year end. The report predicts that almost 90% of new electricity installed this year will come from renewable sources with the remaining 10% coming from fossil fuels.
Furthermore, it is expected that India and the EU will drive an expansion of global renewable capacity additions of nearly 10% next year due to the commissioning of projects that were delayed by the COVID-19 pandemic. If this growth continues as expected, wind and solar capacity could increase by 1,123 gigawatts in 2024 and renewable energy could become the world’s largest source of electricity by 2025.
To see the full article and a list of related reports on the market, visit “India and the EU Will Drive an Expansion of Global Renewable Capacity Next Year”