May 11, 2021 - Energy & Climate
Renewables grew at the fastest rate in two decades last year, IEA says
Add Axios as your preferred source to
see more of our stories on Google.
The International Energy Agency just issued a big upward revision to estimates of near-term global renewable power growth.
Driving the news: The agency's latest data shows that new capacity additions surged to almost 280 gigawatts last year despite the pandemic.
- That's 45% higher than 2019 and the largest year-over-year jump in two decades.
Why it matters: IEA said that scale of new capacity additions is the "new normal."
- They project about 270 GW this year and another 280 in 2022, with renewables accounting for 90% of power generating capacity additions globally.
- Those combined gigawatt levels are 25% higher than their prior projections in November, with IEA boosting forecasts for all major markets.
- Their 2021–2022 regional outlook sees growth slowing in China — the world's largest market — and slightly in the U.S. compared to 2020, but accelerating in Europe, India and Latin America.
The big picture: "Wind and solar power are giving us more reasons to be optimistic about our climate goals as they break record after record," IEA executive director Fatih Birol said.
Yes, but: The global power system is still dominated by fossil fuels and global emissions are far off track from the Paris Agreement goals.
- Governments must "build on this promising momentum" with policies that spur even higher investments in renewables and grid infrastructure, Birol said in a statement.
