When it comes to new electricity generation in 2020, the fossil fuels sector had a terrible year. Fortunately, the same can’t be said about the renewables sector.
According to a new report from the International Energy Agency (IEA), 90 percent of new electricity generation is coming from renewable sources—despite the coronavirus pandemic. Gas and coal, on the other hand, only accounted for 10 percent of new electricity generation.
The IEA report indicated that clean energy is on pace to become the largest power source in 2025, ending a 50-year reign from coal. The new report also highlights that the US is one of the world’s biggest markets for renewables and that deployment could accelerate even faster if the next presidential administration implements policies in line with the Paris Agreement.
“Renewable power is defying the difficulties caused by the pandemic, showing robust growth while other fuels struggle,” said Fatih Birol, the IEA’s executive director. “The resilience and positive prospects of the sector are clearly reflected by continued strong appetite from investors.”