Renewable Energy Hits A Record Level
A brighter, greener future.
Renewable electricity installation is set to hit a record level in 2020 on a global scale, according to the International Energy Agency. The 2020 IEA Report shows that in contrast to other fuels, renewable fuel for generating electricity will have grown by almost 7% this year. From January to October, auctioned renewable capacity was 15% higher than it was during the same period last year. This, combined with the growing awareness of the impact of climate change, has led to shares of solar companies worldwide more than doubling in value since December 2019.
China and the US are the trailblazers for renewables. The IEA’s Executive Director, Faith Birol, stated that “In 2025, renewables are set to become the largest source of electricity generation worldwide, ending coal’s five decades as the top power provider.” Renewable energy has defied the difficulties caused by COVID-19, such as supply chain disruptions and construction delays, which permeated the first six months of 2020. Despite the challenges which have arisen due to the pandemic, the basis of renewable energy expansion remain the same. Solar PV and wind are the cheapest ways of adding new electricity-generating plants in most countries, challenging existing fossil fuel plants. Looking forward, it’s encouraging to see the expansion of renewable electricity, with global steps towards a greener more sustainable future.