In 2020, renewable energy generation will account for nearly 90% of the world’s total new generation From International Energy Agency

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According to the International Energy Agency (IEA), most of the power industry will slow down in 2020 due to the response to the covid-19 epidemic. However, renewable energy will grow in 2020 and will account for about 90% of the total new generation in that year. According to the International Energy Agency’s renewable energy 2020 report, the surge of new projects from China and the United States has led to the development of renewable energy power, accounting for nearly 200 gigawatts of new global power generation capacity.

The big new capacity comes from hydropower, solar and wind power. Wind and solar assets in China and the US are expected to jump 30% as developers take advantage of expiring incentives. India and the European Union will also be eager to add 10 per cent of renewable energy capacity, marking the industry’s fastest growth since 2015, the agency predicts.

These increases in supply are due in part to the delayed commissioning of the project by the covid-19 pandemic, which disrupts the supply chain and stops construction. Despite the difficulties caused by the pandemic, renewable energy is showing strong growth while other fuels struggle. The continued strong appetite of investors clearly reflects the resilience and positive prospects of the industry.

Throughout the first ten months of this year, China, India and the European Union have auctioned up 15% of their renewable energy capacity over the same period last year. At the same time, the agency noted that listed renewable equipment manufacturers and project developers have consistently outperformed most stock indices and the energy industry as a whole. Most of this success requires sustained political support to work. Expiring incentives may reduce demand, but new solar and wind gains could jump another 25% by 2022 if the government provides some certainty about the continuation of the subsidy program. If the policy is right, solar photovoltaic installation may reach a record 150 gigawatts by 2022, which will increase by 40% in just three years or so.

If the agency’s forecast is established, renewable energy may become the world’s largest source of electricity by 2025. At that time, renewable energy is expected to provide one-third of the world’s electricity, and its total capacity will be twice that of China’s current total power capacity.

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