Global renewable electricity installation will hit a record level in 2020, according to the International Energy Agency, in sharp contrast with the declines caused by the coronavirus pandemic in the fossil fuel sectors. The IEA report published on Tuesday says almost 90% of new electricity generation in 2020 will be renewable, with just 10% powered by gas and coal. The trend puts green electricity on track to become the largest power source in 2025, displacing coal, which has dominated for the past 50 years. Growing acceptance of the need to tackle the climate crisis by cutting carbon emissions has made renewable energy increasingly attractive to investors. The IEA reports that shares in renewable equipment makers and project developers have outperformed most major stock market indices and that the value of shares in solar companies has more than doubled since December.
Guardian 10th Nov 2020 read more »
Independent 10th Nov 2020 read more »
Wind and solar capacity will double over the next five years globally and exceed that of both gas and coal, according to a new International Energy Agency (IEA) report. The Paris-based intergovernmental agency anticipates a 1,123 gigawatt (GW) increase in wind and solar that would mean these power sources overtake gas capacity in 2023 and coal in 2024. The IEA’s Renewables 2020 report concludes that while other fuels have struggled due to Covid-19 this year, the market for renewables has proved “more resilient than previously thought”. The continued growth of wind and solar means renewables, including hydro and bioenergy, would displace coal as the largest source of the world’s power by 2025, says the IEA’s report. Last year, Carbon Brief analysis of the IEA’s data found that it only expected renewables to overtake coal output over the next five years under its more optimistic “accelerated case” scenario. However, this year – even in its less ambitious “main case” scenario – wind, solar, hydro and biomass are projected to take the lead within the next five years.
Carbon Brief 10th Nov 2020 read more »