Almost 90% of new electricity production in 2020 will be renewable: EPA
Almost 90 per cent of new electricity production in 2020 will be renewable, with gas and coal would account for merely 10 per cent, according to the International Energy Agency’s (IEA’s) latest report. The just published IEA report, titled “Renewables 2020”, also claims that wind and solar capacity will be doubled from the current levels over the period of next five years globally. It means environment-friendly wind and solar forms of energy would surge past conventional sources gas as well as coal by 2025. The reported trend puts “green” electricity on track to become the biggest source of power by 2025.
Green sources of electricity or power generation are estimated to grow by nearly 7 per cent this year. The figure represents its fastest growth in at least last six years, in spite of the deadly Covid-19 pandemic. It is great that the pandemic has provided a boost to the closure of older fossil-fuel infrastructure.
Currently, the arena of electricity generation is under the dominance of coal, which has long been accused of polluting the environment and causing the globe to become warmer day by day. It may be noted here that global warming is said to be the biggest cause of climate change, which has placed big question marks on the future of many territories of the world, especially island countries as increasing seawater levels could engulf them sometime in the future.
China, India, the United States and the European Union have been named as the driving forces behind an unprecedented record expansion of global renewable capacity additions, with solar being the cheapest source of power generation.
In its newly published report, the IEA states, “Driven by China and the US, new additions of renewable power capacity worldwide will increase to a record level of almost 200 gigawatts this year. India and the EU will be the driving forces behind a record expansion of global renewable capacity additions of nearly 10% next year – the fastest growth since 2015.”
Dr. Fatih Birol, executive director for the IE, said renewable power defied the difficulties caused by the deadly Covid-19 pandemic, showing strong growth while other kinds of fuels left struggling. Growing demand for EVs will also prompt government to do more to boost green power generation.
The buoyancy and upbeat prospects of the renewable energy sector are clearly reflected by unrelenting strong appetite from investors. The future of the sector looks even brighter with new capacity additions on course to set new records in the coming years.
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