Saturday, December 5, 2020
Home Environment India to be Largest Contributor of Renewable Power in 2021

India to be Largest Contributor of Renewable Power in 2021

Renewable power capacity worldwide will increase to a record level of almost 200 gigawatts this year

Renewable power is growing robustly around the world this year, contrasting with the sharp declines triggered by the COVID-19 crisis in many other parts of the energy sector such as oil, gas, and coal, a report from the International Energy Agency (IEA) said on Tuesday.

And India is expected to be the largest contributor to the renewables upswing next year.

Driven by China and the US, new additions of renewable power capacity worldwide will increase to a record level of almost 200 gigawatts this year, the IEA’s Renewables 2020 report forecasts.

This rise — representing almost 90 percent of the total expansion in overall power capacity globally — is led by wind, hydropower, and solar PV. Wind and solar additions are set to jump by 30 percent in both the US and China as developers rush to take advantage of expiring incentives.

Follow NewsGram on Twitter to stay updated about the World news.

Even stronger growth is to come. India and the European Union will be the driving forces behind a record expansion of global renewable capacity additions of nearly 10 percent next year — the fastest growth since 2015, according to the report.

This is the result of the commissioning of delayed projects where construction and supply chains were disrupted by the pandemic, and growth in markets where the pre-Covid project pipeline was robust.

India is expected to be the largest contributor to the renewables upswing in 2021, with the country’s annual additions doubling from 2020.

Follow NewsGram on Instagram to keep yourself updated.

“Renewable power is defying the difficulties caused by the pandemic, showing robust growth while others fuels struggle,” said IEA Executive Director Fatih Birol.

“The resilience and positive prospects of the sector are clearly reflected by continued strong appetite from investors — and the future looks even brighter with new capacity additions on course to set fresh records this year and next.”

Renewable Power
The electricity generated by renewable technologies will increase by seven percent globally in 2020, underpinned by the record new capacity additions, the report estimates. Pixabay

Over the first 10 months of 2020, China, India, and the European Union have driven auctioned renewable power capacity worldwide 15 percent higher than in the same period last year — a new record that shows expectations of strong demand for renewables over the medium and long term.

Follow NewsGram on Facebook to stay updated.

At the same time, shares of publicly listed renewable equipment manufacturers and project developers have been outperforming most major stock market indices and the overall energy sector.

By October, shares of solar companies worldwide had more than doubled in value from December 2019.

However, policymakers still need to take steps to support the strong momentum behind renewables. In the IEA report’s main forecast, the expiry of incentives in key markets and the resulting uncertainties lead to a small decline in renewables capacity additions in 2022.

Want to read more in Hindi? Checkout: अयोध्या में भक्तों के लिए भगवान राम का लेज़र अवतार

But if countries address these policy uncertainties in time, the report estimates that global solar PV and wind additions could each increase by a further 25 percent in 2022.

Critical factors influencing the pace of deployment will be policy decisions in key markets like China, and effective support for rooftop solar PV, which has been impacted by the crisis as households and businesses reprioritized investments.

Under favorable policy conditions, solar PV annual additions could reach a record level of 150 gigawatts (GW) by 2022 — an increase of almost 40 percent in just three years.

ALSO READ: Gurugram to Launch Platform to Consider People’s Advice

The electricity generated by renewable technologies will increase by seven percent globally in 2020, underpinned by the record new capacity additions, the report estimates. This growth comes despite a five percent annual drop in global energy demand, the largest since the Second World War. (IANS)

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,777FollowersFollow

Most Popular

The North East Festival Will Be Held In Guwahati, Assam This Year

The North East Festival, a popular event held in Delhi's Indira Gandhi National Centre for the Arts ever since its inception seven years ago,...

India’s E-Commerce Industry Reported Nearly 56 Percent Growth This Festive Season

India's e-commerce industry reported nearly 56 percent growth in order volume this festive season amid the pandemic as compared to the same period last...

‘Operation Talwar’, A Story Of The Valour Of The Indian Navy

BY SHANTANOO MISHRA If the border of a country is secure, then both development and history can be created. All the three armies of India...

Indian American Teen Gitanjali Rao Is ‘Kid Of The Year’ By TIME Magazine

TIME magazine has put an Indian American teen "scientist and inventor" Gitanjali Rao on its first-ever 'Kid of the Year' cover, selected from a...

Christopher Nolan: Indian Films Are Wonderful And Are Kind Of Fundamental

Christopher Nolan feels Hindi films happen to retain the fundamental reasons due to which we enjoy cinema, and that Hollywood has lost some of...

Natural Antioxidants That Helps Body To Deal With Pollution

The air that we all are breathing has reached dangerous levels of pollution yet again. People with no known history of respiratory problems are...

A Focus On Academic Entrepreneurs In India

India is the third-largest tech start-up hub globally, yet academicians are still on the fringes when it comes to entrepreneurship in the country. The...

Indians Willing To Take Salary Cut To Work From Home

Amid the Covid-19 pandemic, at least 54 percent of working Indians said that they love working from home (WFH), of which 34 percent are...

Recent Comments