An exploit that saw an increase in electricity from renewables of 15% between the months of January and October alone. An enormity compared to the same period last year.
A near future that cannot be greener
The Paris-based agency's Renewables 2020 report comes as the oil sector faces a collapse (irreversible?) due to the pandemic and beyond.
Net installed renewable capacity is expected to grow by nearly 4% globally in 2020 and renewable energy will represent almost 90% of the increase in total energy capacity worldwide, according to the IEA.
Looking further ahead, “total installed wind and solar capacity is set to overtake natural gas in 2023 and coal in 2024“, The report states.
Beyond the rosiest forecasts
Carbon Briefs, in his analysis of the International Energy Agency report, noted that “wind and solar capacity will double over the next five years globally and surpass that of gas and coal.”
Last year, Carbon Brief analysis of IEA data found that it expected renewables to overtake coal production over the next five years in its most optimistic scenario.
This year the forecast has changed. Wind, solar, hydroelectric and biomass will take the lead within the next five years even in the most conservative scenario.
“Renewable energy is defying the difficulties caused by the pandemic, showing robust growth while others fuel the struggle,” he said Fatih Birol, Executive Director of the IEA.
The industry's resilience and positive outlook is clearly reflected in continued strong investor appetite – and the future looks even brighter with new capacity additions underway to set new records this year and next
Fatih Birol, IEA Executive Director
IEA and the impact of “Sleepy Joe”
Birol also pointed to the US and the impact the incoming Biden administration will have on the direction of energy policy. The IEA chief said that “if the next US administration's proposed clean electricity policies are implemented, they will bring much faster deployment of solar, photovoltaic and wind. The decarbonisation of the energy sector will be even faster."
Despite the recent growth of renewable energy and projections from the International Energy Agency, policymakers around the world do not appear to be prioritizing renewables. Especially in Covid-19 relief measures, even in the face of continued calls from climate activists for a fair and green recovery.
Coronavirus recovery funds spent by governments are still going to many fossil fuel sectors over green projects. We need a greener recovery, it's an opportunity not to be missed for anything in the world.
For some activists and climate experts, the IEA report is indicative. He stressed why governments should focus on financing renewable energy rather than fossil fuels.
But there is good news: renewable energy continues to grow. Why? Because it's cheaper. And why it's better than fossil fuels.
