Renewable electricity generation continues to grow strongly

Source: IEA

Renewable electricity output is developing rapidly, but it is unable to keep up with rising demand.

Renewable energy generation is expected to grow by 8% in 2021 and by more than 6% in 2022, after increasing by 7% in 2020. Despite these significant gains, renewables are only predicted to be able to meet around half of worldwide demand growth in 2021 and 2022.

In 2021 and 2022, global electricity demand will rebound sharply. After declining by roughly 1% in 2020, worldwide electricity demand is expected to rise by close to 5% in 2021 and 4% in 2022. The Asia Pacific area will see the majority of these gains. In 2022, the People’s Republic of China (hereafter “China”), the world’s largest energy consumer, will account for more than half of worldwide growth. India, the world’s third-largest consumer, will contribute 9% of worldwide expansion.

In 2020, the worldwide solar power sector added 138.2 GW of capacity, an increase of 18% year over year and a new annual installation record for the industry. In 2022, a 25 percent increase is expected. By the end of 2025, the world might have a solar fleet with a capacity of 2.1 TW, up from 773.2 GW at the end of 2020.

Despite the persistent impact of COVID-19, the report claims that 138.2 GW of solar was installed in 2020. Solar’s expansion confirmed its supremacy among all newly installed power generation technologies, with a global share of 39 percent. In addition, the global cumulative solar capacity reached 773.2 GW in 2020, surpassing three quarters of a terawatt for the first time.

Source: Balkan Green Energy News

China had 48.2 GW of new solar installations in 2020, followed by the United States (19.2 GW), Vietnam (11.6 GW), Japan (8.2 GW), and Australia (5.1 GW).

Electricity generation from renewables, such as hydropower, wind, and solar PV, is expected to expand based on existing policy settings and economic trends. However, even with this rapid expansion, renewables will only be able to supply around half of the predicted rise in worldwide electricity demand, according to the new IEA report.

In only two years, 2019 and 2020, renewable growth has outpaced demand growth. However, in those cases, it was primarily owing to unusually low or declining demand, implying that renewables surpassing the rest of the electrical sector is not yet the new normal. “Renewable power is growing impressively in many parts of the world, but it still isn’t where it needs to be to put us on a path to reaching net-zero emissions by mid-century,” said Keisuke Sadamori, the IEA Director of Energy Markets and Security. “As economies rebound, we’ve seen a surge in electricity generation from fossil fuels. To shift to a sustainable trajectory, we need to massively step up investment in clean energy technologies – especially renewables and energy efficiency.”

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Contact: +84-978-519-018

Email: Mike@vcoating.com

 

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