The Clean Energy Transition Is Becoming a Tidal Wave
This year, covid-19 lockdowns prompted a precipitous crash in fuel demand which tanked the the fossil fuel market. Oil companies have said it’s quite possibly never going to recover. But it’s a different story for renewable energy industry, which is thriving.
Global renewable power capacity will increase by 200 gigawatts, or 7%, by the end of 2020, marking a new record for annual growth in the sector, according to a report from the International Energy Agency. This feat came even as global energy demand declined a historic 5%. Renewable growth was chiefly driven by China and the U.S., both of which saw a 30% increase in wind and solar because developers are rushing to complete projects before financial incentives expire at the year’s end.
Almost 90% of new electricity installed this year will be renewable, with the remainder coming from fossil fuels. Next year, the sector is expected to see even more growth, as India, the U.S., and the European Union bring new projects on board, including many that had previously been delayed.
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