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Renewable energy capacity is expected to increase by 4% this year.
According to the Renewables 2020 report from the International Energy Agency, renewable energy capacity is expected to increase by 4% this year worldwide.
Energy capacity is the maximum output power for a given source of electricity when operating at full capacity.
The report, released Tuesday, is an update of the IEA’s May forecast, which was released when the COVID-19 pandemic shut down economies around the world. The updated report provides analysis and forecasts through 2025 on the impact COVID-19 will have on renewables.
The additions are expected to set a new record with 200 megawatts of installed capacity worldwide and could account for 90% of all new electric capacity.
“This year, about half of all new power generation capacity added to global electricity markets comes from solar photovoltaic energy. Half and [the] other half everything is in place, “said Dr Fatih Birol, IEA executive director, at a press conference announcing the report.” Our projections for the next five years show that that 50% of total new capacity could well grow to around two-thirds of new capacity additions by 2025. “
The United States and China are a big part of the increase. Both are expected to increase their wind and solar capacity by 30% as developers try to complete their projects before the policy changes go into effect.
Compared to the May report, the IEA increased its renewable capacity by 18% in 2020. In the first report, the agency predicted that renewable capacity would decline for the first time in 20 years, due to construction delays, supply chain disruptions and closures. the whole world caused by the pandemic.
They cite the rapid rise in construction and manufacturing, as well as the easing of border restrictions since mid-May as the reason for the increase in the latest report.
The IEA is also forecasting a record 10% increase in 2021 due to the delayed start of projects and the growth of markets that were strong before the pandemic.
However, in 2022, they forecast a slight decrease in capacity additions due to uncertain policies in key markets, like the United States and China.
With increases in the coming years, the IEA says installed solar and wind capacity is expected to exceed natural gas capacity in 2023 and that coal in 2024 and renewables will overtake coal as the largest source of energy. electricity to the world by 2025.
“Just before 2025, renewables will overtake coal and be the primary source of electricity generation, and coal represented the highest share in global electricity production since the early 1950s,” said Dr Birol . “If large countries, like the United States and China, change their policies to push more strongly towards renewable energies, this overtaking of coal by renewable energies could well be before 2024 [to] 2025. “
Hydroelectricity will continue to produce about half of all renewable electricity, wind and solar in second and third respectively.
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