Renewable energy growth to suffer

Renewable energy growth to suffer

Agency News

Paris, May 20 : The growth in the global renewable power capacity this year will suffer its first contraction in 20 years due to the disruptions sparked by the novel coronavirus outbreak and the lockdown measures, the International Energy Agency (IEA) said in a report on Wednesday. "The number of new renewable power installations worldwide is set to fall this year as a result of the unprecedented Covid-19 crisis, marking the first annual decline in 20 years … In 2020, the IEA forecasts net additions of renewable electricity capacity to decline by 13 per cent compared with 2019.

The decline reflects delays in construction activity due to supply chain disruption, lockdown measures and social-distancing guidelines, and emerging financing challenges," the agency said in its update on the renewable energy market. Despite the decline in growth, the global community is set to add 167 gigawatts of renewable power capacity this year, which would be a 6 percent growth, the IEA noted. "Solar Photovoltaics (PV) and wind account for 86 percent of global renewable capacity additions this year, but their annual expansion is forecast to decline by 18 per cent and 12 per cent respectively compared to 2019," the report read.

The renewables, unlike fossil fuels and nuclear energy, have showcased their resilience during the pandemic and the economic slowdown, and are expected to rebound in 2021, reaching the same level of growth as in 2019, according to the IEA forecast. "Despite the rebound, combined growth in 2020 and 2021 is almost 10 percent lower compared to the previous IEA forecast published in October 2019," the agency added. The IEA said last month that the global energy demand would fall by 6 percent in 2020 in what might be the biggest drop in 70 years, while the worldwide CO2 emissions will decrease by 8 percent due to the COVID-19 pandemic. (UNI)