The world’s renewable energy industry grew at its fastest pace since 1999 last year, despite the disruption caused by the Covid-19 pandemic, and may have established a standard for growth in the future, according to the International Energy Agency (IEA).
The global energy watchdog revealed that the delivery of renewable energy projects, including windfarms and solar power projects, grew by 45% last year in a step change for the global industry.
Wind power capacity doubled over the last year, while solar power grew by almost 50% more than its growth before the pandemic, due to the growing appetite for clean energy from governments and corporations.
The clean energy boom has prompted the IEA to revise its renewable energy forecasts for the coming years up by about 25% from its previous growth estimates due to the faster than expected expansion of renewables in China, Europe and the US.
Fatih Birol, the executive director of the IEA, said governments need to “build on this promising momentum” by putting in place policies that “encourage greater investment in solar and wind, in the additional grid infrastructure they will require, and in other key renewable technologies such as hydropower, bioenergy and geothermal”.