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According to the International Energy Agency’s IEA, despite the stagnation in the power sector caused by the response to the Corona 19 epidemic, new and renewable energy showed growth in 2020, accounting for 90% of the increased power generation capacity in the world in 2020.
According to a report published by the IEA (Renewables 2020), new renewable energy projects have soared in China and the United States, accounting for 200 gigawatts of new electricity worldwide. The increase was mainly hydro, solar and wind power. Wind and solar power assets are expected to increase by 30% in both China and the United States, as they provide incentives for developers to expire.
The IEA predicts that India and the European Union will also increase renewable energy generation capacity by 10%. This is the fastest growth in the industry since 2015. The reason for the increase in supply was delayed due to the corona 19 epidemic and the start of commissioning the project, through which the construction was stopped due to supply chain disruption. In a statement, the IEA said that new and renewable energies have shown strong growth against the difficult times of the pandemic, and that other energy sectors are struggling. The resilience and positive outlook for this field clearly reflects the continued desire of investors, and the future will be more positive, with a new record set by the increase in power generation capacity this year and next year.
In the 10 months from January to October 2020, the capacity to generate renewable energy in China, India and the EU increased by 15%. According to the IEA, shares of renewable energy equipment manufacturers and project developers mostly exceeded the stock price index and the entire energy sector. The IEA noted that continued political support is needed to continue this success. Demand is likely to decline as incentives expire, but if there is some certainty that the government will continue its subsidy program, solar and wind power are likely to increase by an additional 25% by 2022. With the right policies, solar power plants could reach a record 150 gigawatts by 2022. It is a 40% increase in 3 years.
Renewable energy is also resilient to Corona 19, but may not have resilience to policy uncertainty. If the government is concerned about this issue, it will lead to sustainable recovery and accelerate the clean energy transition.For example, if the clean energy policy proposed by the next US government is implemented, solar and wind power generation will be deployed faster, resulting in rapid decarbonization. There is also the possibility to contribute to.
Renewable energy could be the world’s largest energy source by 2025 if it goes as predicted by the IEA. When this happens, renewable energy is expected to supply one-third of the world’s electricity, and this power generation capacity could be twice as much as China’s total power generation capacity. Related information can be found here .
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