Renewables are set to account for almost 90% of the increase in total power capacity worldwide in 2020.
That’s according to a new report by the International Energy Agency (IEA), which forecasts renewable power capacity worldwide this year will increase to a record level of almost 200GW.
The body suggests this growth in global renewable power capacity will be driven by China and the US and will be led by wind, hydropower and solar photovoltaic technology.
The IEA estimates wind and solar installations are set to jump by 30% in both the US and China due to developers’ plans to take advantage of expiring incentives.
The analysis also predicts in 2021, the growth of renewable power capacity will accelerate to the highest level in the last six years.
According to the report, India is forecast to be the largest contributor to the renewables upswing in 2021, with the country’s annual additions expected to double from 2020.
Dr Fatih Birol, IEA Executive Director, said: “Renewable power is defying the difficulties caused by the pandemic, showing robust growth while others fuels struggle.
“The resilience and positive prospects of the sector are clearly reflected by continued strong appetite from investors and the future looks even brighter with new capacity additions on course to set fresh records this year and next.”