The World Turns To New Energy

90% of the Global Power Capacity Added in 2020 Will Be Renewable

Edd Gent, November 16, 2020 (Singularity Hub)

“…[The latest data] shows promising signs that a ‘green recovery’ may be materializing…[Focusing on green investments can] provide a double win for both economies and the environment…[and the studies show] renewables have fared far better than fossil fuels during the pandemic…While the crisis sparked sharp declines in oil, gas, and coal, the Renewables 2020 report found that carbon-free electricity will account for almost 90 percent of the total power capacity added this year, and the pace is set to accelerate in 2021…This year’s record growth has been driven by the US and China, with wind and solar set to expand by 30 percent in both countries…

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Overall, this year’s additions will see renewable generation increase by seven percent, despite a five percent drop in energy demand…[S]tocks in renewable power equipment manufacturers and project developers have been outperforming the overall energy sector as well as major stock market indices…Solar companies in particular are doing well…Heating, for both industrial and domestic purposes, remains the single greatest use of energy worldwide, and modern renewables account for only 11 percent, with the rest dominated by fossil fuels. Renewable biofuels used in transport, which accounts for 30 percent of total energy use, have also suffered due to reduced demand as economies shrink and fossil fuel prices fall…” click here for more

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