The Global New Energy Growth Boom

Renewable electricity growth is accelerating faster than ever worldwide, supporting the emergence of the new global energy economy…

December 2021 (International Energy Agency)

“…[Global New Energy growth] is on course to accelerate over the coming years, with 2021 expected to set a fresh all-time record for new installations…[N]ew renewable power capacity this year are forecast to rise to 290 gigawatts (GW) in 2021, surpassing the previous all-time high set last year…By 2026, [government support and policies will help drive global renewable electricity capacity up] more than 60% from 2020 levels to over 4 800 GW – equivalent to the current total global power capacity of fossil fuels and nuclear combined…

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Renewables are set to account for almost 95% of the increase in global power capacity through 2026, with solar PV alone providing more than half. The amount of renewable capacity added over the period of 2021 to 2026 is expected to be 50% higher than from 2015 to 2020…The growth of renewables is forecast to increase in all regions compared with the 2015-2020 period. China remains the global leader in the volume of capacity additions…India is set to come top in terms of the rate of growth, doubling new installations compared with 2015-2020. Deployments in Europe and the United States are also on track to speed up significantly…

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…[Rising prices could limit] growth…[Without government policies addressing key barriers, such as permitting and grid integration challenges, social acceptance issues, inconsistent policy approaches, insufficient remuneration and high financing costs, even] faster deployment would still fall well short of what would be needed…[Net zero emissions by mid-century] would require renewable power capacity additions over the period 2021-26 to average almost double the rate of the report’s main case…” click here for more

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