THE COVID-19 CRISIS IS HURTING BUT NOT HALTING GLOBAL GROWTH IN RENEWABLE POWER CAPACITY

After a dip this year, new renewable capacity additions are expected to rebound in 2021, but policy certainty is critical to ensure investor confidence

the covid 19 crisis is hurting but not halting
Image by Biel Morro from Unsplash

– This Electrical India Content Team

The world is set to build fewer wind turbines, solar plants and other installations that produce renewable electricity this year because of the impact of the Covid-19 crisis, marking the first annual decline in new additions in 20 years, according to the International Energy Agency. But their growth is expected to resume next year as most of the delayed projects come online and assuming a continuation of supportive government policies. Renewable power sources have so far showed impressive resilience despite the disruptions and changes caused by the coronavirus pandemic, with their share of the electricity mix increasing in many markets. But the world is set to add 167 gigawatts (GW) of renewable power capacity this year, 13% less than in 2019, according to the IEA’s Renewable Market Update report, which was released today.

The decline reflects possible delays in construction activity due to supply chain disruptions, lockdown measures and social distancing guidelines, as well as emerging financing challenges. But despite the slowdown in new additions, overall global renewable power capacity still grows by 6% in 2020, surpassing the total power capacity of North America and Europe.

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