The Strategist

IEA: Renewable energy to grow by 290 GW in 2021

12/03/2021 - 02:53

According to a research issued by the International Energy Agency (IEA), renewable energy output would grow by 288.9 GW by the end of this year. This will shatter the capacity growth record set in 2020.

Solar panels, wind turbines, and other renewable energy sources are gradually being installed throughout the world, according to the agency. As a consequence, their total production this year will be 3,261.2 GW.

At the same time, capacity commissioning between 2021 and 2026 would be 50% greater than between 2015 and 2020, according to the analysis. In comparison to 2020, this will raise the quantity of power generated from renewables by 60%, to 4,800 GW.

The IEA expects that renewable energy will account for 95 percent of the increase in power output during the next five years. Solar energy will account for more than half of the growth.

According to the IEA, China will continue to lead the world in renewable energy growth, accounting for 43% of growth over the next five years. Europe, the United States, and India will all follow China. These four markets will account for 80 percent of capacity increase in the foreseeable future.