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Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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Renewable Energy Additions Spike To Record High In 2020: IEA

Solar and wind power generation capacity additions last year jumped by as much as 45 percent from 2019 to close to 280 GW, the International Energy Agency said in a new report, noting that the record pace of new solar and wind capacity additions will become the new normal after the pandemic.

This year and next, the IEA said, solar and wind additions will account for as much as 90 percent of new power generation capacity additions globally.

“Wind and solar power are giving us more reasons to be optimistic about our climate goals as they break record after record,” said the head of IEA, Fatih Birol. “Last year, the increase in renewable capacity accounted for 90% of the entire global power sector’s expansion,”

“Wind and solar power are giving us more reasons to be optimistic about our climate goals as they break record after record. Last year, the increase in renewable capacity accounted for 90% of the entire global power sector’s expansion.”

The record pace of new capacity additions will be uneven, however. According to the report, China will see a slowdown in new wind and solar capacity additions. At the same time, new renewable capacity additions in Europe will accelerate thanks to strong government support for such projects.

India, which last year saw a 50-percent decline in new wind and solar capacity additions, is expected to add record capacity this year and next as it commissions delayed projects from previous years.

In solar power, global annual capacity additions will hit 162 GW by 2022. This would be 50 percent higher than the 2019 additions level.

Wind power additions, which last year jumped by 90 percent on the year to 114 GW, will continue growing, albeit at a slower pace, but still faster than during the two years between 2017 and 2019, the IEA also said.

By Irina Slav for Oilprice.com

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