India's renewable growth rate accelerating faster: IEA

NEW DELHI: With India set to come out on top in terms of the rate of growth, doubling new installations compared to 2015-2020, the growth of the world's capacity to generate electricity from solar panels, wind turbines and other renewable technologies is on course to accelerate over the coming years. The year 2021 is expected to set a fresh all-time record for new installations, the IEA said on Wednesday.

Despite the rising costs of key materials used to make solar panels and wind turbines, the addition of new renewable power capacity this year is forecast to rise to 290 gigawatts (GW) in 2021, surpassing the previous all-time high set last year, according to the latest edition of the International Energy Agency's annual Renewables Market Report.

By 2026, global renewable electricity capacity is forecast to rise more than 60 per cent from the 2020 levels to over 800 GW — equivalent to the current total global power capacity of fossil fuels and nuclear combined.

Renewables are set to account for almost 95 per cent 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 per cent higher than from 2015 to 2020.

This is driven by stronger support from government policies and more ambitious clean energy goals announced before and during the COP26 Climate Change Conference.

"This year's record renewable electricity additions of 290 gigawatts are yet another sign that a new global energy economy is emerging," said IEA Executive Director Fatih Birol.

"The high commodity and energy prices we are seeing today pose new challenges for the renewable industry, but elevated fossil fuel prices also make renewables even more competitive."

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: it is expected to reach 1,200 GW of total wind and solar capacity in 2026 — four years earlier than its current target of 2030.

Deployments in Europe and the US are also on track to speed up significantly from the previous five years. (IANS)

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