The world's ability to produce electricity from renewables such as solar panels and wind turbines is accelerating dramatically. And it will continue to improve in the coming years: 2021 will mark the second installation record a new report from the IEA.
According to this account, despite the rising costs of materials in solar panels and wind turbines the addition of new Renewable energy capacity this year is expected to reach 290 gigawatts (GW). It means still exceeding the previous all-time high set just last year.
It will keep running
By 2026, total global renewable energy capacity is expected to nearly triple from 2020 levels, reaching more than 4800 GW. That's almost the current total of fossil fuels and nuclear energy combined.
Solar and wind energy will account for nearly 95% of global energy capacity growth through 2026, with photovoltaics alone providing more than half. The amount of renewable capacity added between 2021 and 2026 is expected to be 50% higher than that installed between 2015 and 2020. A result that should be the result of greater support given to renewables, both from the public and private sectors.
The price war
“The record 290 gigawatt increase in renewable energy additions this year is another indication that a new global energy economy is taking shape,” says IEA executive director Fatih Birol.
High raw material and energy prices pose new challenges for renewables. However, the corresponding increase in fossil fuels makes renewable energy more competitive in the new global energy economy.
Fatih Birol, IEA
The new global energy economy: who will grow the most?
The growth of renewables will increase in all major world areas compared to the 2015-2020 period. There China will continue to be the world leader in capacity additions, with a total of 1200 GW of wind and solar power by 2026, four years ahead of its goals. Me too'India will go strong, with new installations more than doubling from 2015-2020. Same thing for Europe e USA, albeit to a lesser extent.
Together, these four markets account for approximately 80% of global renewable capacity growth.
Can it be done even better? This is not enough.
By addressing major hurdles (licensing and grid integration difficulties, social acceptance, inconsistent policy approaches, and more) governments can do their part to grow a greener energy economy. Part of the IEA report examines growth scenarios that are even 25% higher.
However, even this acceleration would be far below what it would take to achieve net greenhouse gas emissions by mid-century. Renewable energy capacity growth rates should be about twice as fast to center the COP26 planes.
