Business is booming.

COVID-19 couldn’t stop the growth of renewable energy, IEA report reveals

Research has shown that renewable energy use and installations grew in the year 2020 despite the COVID-19 pandemic.

This information was disclosed in a report published by the International Energy Agency (IEA), revealing that worldwide, renewable electricity installations have reached an all-time high. According to the report, about 90% of all new electricity generation in 2020 is renewable.

The report shows that the world will see a record increase of 200 gigawatts in renewable energy capacity in 2020 compared to last year, giving a glimpse of hope for a future dominated by renewable energy. If the trend is maintained, renewable energy sources could overtake fossil fuels and become the largest power source by 2025. As renewable energy takes center stage, the focus will be shifted to the U.S. and China, as they are the front-runners in the sector.

“Renewable power is defying the difficulties caused by the pandemic, showing robust growth while others fuels struggle,” said Fatih Birol, IEA’s executive director. “The resilience and positive prospects of the sector are clearly reflected by continued strong appetite from investors.”

While fossil fuels have dwindled, wind power and solar have increased in capacity significantly. Solar has increased 18 times since 2010, while wind energy has increased about four times in the same period. According to Birol, solar power is projected to become the king of clean energy in the future. According to the report, hydropower dominated the renewable energy sector in 2010, taking about 77% of the market share. However, that has reduced to just about 45% in 2020.

Although renewables are doing well in 2020, it is not time to celebrate yet. IEA warns that to continue the positive trend, countries must adopt policy changes that govern the energy sector.

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