RENEWABLE ENERGY

Renewables account for three quarters of new capacity in 2019: IRENA

The renewable energy sector added 176 gigawatts (GW) of generating capacity globally in 2019, marginally lower than the 179 GW added in 2018.

However, new renewable power accounted for 72 per cent of all power expansion last year, said International Renewable Energy Agency’s (IRENA) new data on Monday.

IRENA’s annual Renewable Capacity Statistics 2020 shows that renewables expanded by 7.6 per cent last year with Asia dominating growth and accounting for 54 per cent of total additions.

While expansion of renewables slowed last year, the total renewable power growth outpaced fossil fuel growth by a factor of 2.6, continuing the dominance of renewables in power expansion first established in 2012.

Solar and wind contributed 90 per cent of total renewable capacity added in 2019.

“Renewable energy is a cost-effective source of new power that insulates power markets and consumers from volatility, supports economic stability and stimulates sustainable growth,” IRENA Director-General Francesco La Camera said.

“With renewable additions providing the majority of new capacity last year, it is clear that many countries and regions recognise the degree to which the energy transition can deliver positive outcomes.

“While the trajectory is positive, more is required to put global energy on a path with sustainable development and climate mitigation — both of which offer significant economic benefits,” said La Camera.

“At this challenging time, we are reminded of the importance of building resilience into our economies. In what must be the decade of action, enabling policies are needed to increase investments and accelerate renewables adoption.”

Renewables accounted for at least 70 per cent of total capacity expansion in almost all regions in 2019, other than in Africa and the Middle East, where they represented 52 per cent and 26 per cent of net additions respectively.

The additions took the renewable share of all global power capacity to 34.7 per cent, up from 33.3 per cent at the end of 2018.

Source
ET Energy World
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