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The renewable energy sector will achieve record growth in 2020 despite the global COVID-19 pandemic, according to the International Energy Agency (IEA). Renewables are currently on track to overtake coal as the top power source in the next five years.
In the IEA’s latest report published on 10 October, the Paris-based intergovernmental organisation said that close to 90 per cent of new electricity generation in 2020 will be renewable, placing renewable energy on the path to becoming the biggest power producer by 2025.
Global energy demand is predicted to decline by five per cent and electricity demand by two per cent in 2020 due to the ongoing pandemic. Nonetheless, electricity generated by wind, solar, hydro and biomass is expected to increase by seven per cent globally in 2020.
Overall, renewable electricity generation will be nearly 9,745 terawatt-hours (TWh) within five years, which is “equivalent to the combined demand of China and the European Union”, the report claims.
In the report’s ‘main scenario’, 130 GW of solar power – a key driver of the renewable trend – will be added each year between 2023 and 2025. This increases to 165 GW in the ‘accelerated scenario’. The contribution of wind power, although smaller than solar, will also be considerable. Together, wind and solar will …
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