The rebound in renewables is also supported by higher onshore wind growth, which is expected to rise 15 per cent to 53 GW, the largest increase since record deployment in 2015. Offshore wind growth is expected to be stable at around 5 GW in 2019, led by the European Union and China
September 21, 2019. By News Bureau
After a subdued growth in 2018, global capacity additions for renewable energy are set to bounce back with a double-digit growth in 2019 compelled by solar, research agency International Energy Agency (IEA) said.
“The IEA expects renewable capacity additions to grow by almost 12 per cent this year, the fastest pace since 2015, to reach almost 200 gigawatt (GW), mostly thanks to solar PV and wind. Global solar PV additions are expected to increase by over 17 per cent,”.
The cost of solar photovoltaic (PV) has plunged more than 80 per cent since 2010, making the technology increasingly competitive in many countries. IEA estimates global solar PV capacity additions to increase to 115 GW this year despite a slight decline in China, the world’s largest market.
According to the agency, this would be the first year that solar PV additions have surpassed 100 GW and the third year in a row where solar has accounted for more than half of global renewable energy capacity additions.
According to IEA, 2018 was the first time since 2001 when the growth in renewable energy capacity additions failed to accelerate year-on-year, primarily due to policy changes in China.
“This highlights the critical role of governments for the deployment of renewables and the need to avoid sudden policy changes that can result in strong market volatility,” IEA said.
The agency expects faster expansion in the European Union, led by Spain, new installation boon in Vietnam and faster growth in India and the United States to offset the slowdown in Chinese solar PV market.
According to IEA's Sustainable Development Scenario, renewable energy capacity additions need to grow by more than 300 GW on average each year between 2018 and 2030 to reach the goals of the Paris Agreement.
“These latest numbers give us many reasons to celebrate: Renewable electricity additions are now growing at their fastest pace in four years after a disappointing 2018,” Fatih Birol, IEA’s executive director said in a statement. “We are witnessing a drastic decline in the cost of solar power together with strong growth in onshore wind. And offshore wind is showing encouraging signs,” Birol further.
The rebound in renewables is also supported by higher onshore wind growth, which is expected to rise 15 per cent to 53 GW, the largest increase since record deployment in 2015. Offshore wind growth is expected to be stable at around 5 GW in 2019, led by the European Union and China.
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