The coronavirus pandemic and the subsequent lockdowns have hurt many different sectors of the worldwide economy. But according to a report published by the International Energy Agency on Tuesday, “the Covid-19 crisis is hurting – but not halting – global renewable energy growth.” As one of the fastest-growing sectors before the pandemic hit, renewable energy has continued to enjoy record growth this year, despite the detrimental effects of the pandemic.
According to the report:
Driven by China and the United States, net installed renewable capacity will grow by nearly 4% globally in 2020, reaching almost 200 GW. Higher additions of wind and hydropower are taking global renewable capacity additions to a new record this year, accounting for almost 90% of the increase in total power capacity worldwide. Solar PV growth is expected to remain stable as a faster expansion of utility-scale projects compensates for the decline in rooftop additions resulting from individuals and companies reprioritising investments. Wind and solar PV additions are set to jump by 30% in both the People’s Republic of China (“China”) and the United States as developers rush to complete projects before changes in policy take effect.
Total installed wind and solar PV capacity is on course to surpass natural gas in 2023 and coal in 2024. Solar PV alone accounts for 60% of all renewable capacity additions through 2025, and wind provides another 30%. Driven by further cost declines, annual offshore wind additions are set to surge, accounting for one-fifth of the total wind annual market in 2025.
While further progress in battery capacity technology is still necessary in order to smooth over the intermittent nature of renewables, the natural growth of the renewable energy sector shows the market appetite for green energy across the globe.
Green energy has improved greatly in recent years and the sector has grown as the technology has progressed and prices have come down. As American individuals and private companies continue to innovate and find new ways to solve our climate change challenges, renewable energy will continue to grow.