According to a report by the International Energy Agency (IEA), global renewable electricity installation will hit record growth this year, defying COVID-19. Meanwhile, the fossil fuel sector faces a sharp decline caused by the pandemic.
Nearly 90% of new electricity generation will be renewable, and only 10% of gas and coal. Even as economies struggle with the coronavirus, major countries like China, India, and the US have seen a rise in renewables.
The IEA report reads: “despite the challenges emerging from the Covid crisis, the fundamentals of renewable energy expansion have not changed.”
The trend puts green electricity on track to ending coal’s 50-year reign by 2025.
Fatih Birol, the IEA’s executive director, said: “renewable power is defying the difficulties caused by the pandemic, showing robust growth while other fuels struggle. The resilience and positive prospects of the sector are clearly reflected by continued strong appetite from investors. Fossil fuels have had a turbulent time in 2020 as COVID-19-related measures caused demand from transport and other sectors to plunge.” Read more…