New Energy Is Beating Covid

Renewable energy defies Covid-19 to hit record growth in 2020; International Energy Agency expects green electricity to end coal’s 50-year reign by 2025

Damian Carrington, 10 November 2020 (UK Guardian)

“…[A]lmost 90% of new electricity generation in 2020 will be renewable, with just 10% powered by gas and coal. The trend [reported in the November 2020 International Energy Agency update] puts green electricity on track to become the largest power source in 2025, displacing coal, which has dominated for the past 50 years…Growing acceptance of the need to tackle the climate crisis by cutting carbon emissions has made renewable energy increasingly attractive to investors…

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…[S]hares in renewable equipment makers and project developers have outperformed most major stock market indices and that the value of shares in solar companies has more than doubled since December 2019… Fossil fuels have had a turbulent time in 2020 as Covid-related measures caused demand from transport and other sectors to plunge…Solar power capacity has increased by 18 times since 2010 and wind power by four times…[E]lectricity is only about one-fifth of all energy use, with the burning of fuels in transport, industry and heating making up the bulk of energy emissions…

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The IEA forecasts that new renewable capacity around the world will increase by a record 200 gigawatts in 2020, driven by China and the US…[Even stronger growth is forecast for 2021,] when India and the European Union will be the driving forces…” click here for more

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