Renewable sources dominated the energy market in 20191 min read

Renewable sources dominated the energy market in 20191 min read

Renewable energy sources have continued to dominate new additions to the world’s power generation mix over the past year. Renewable capacity reached 2537 gigawatts (GW) globally by the end of 2019, up 176 GW from the previous year, equal to a 7,4% growth rate (2361 gigawatts in 2018).

This is what the International Renewable Energy Agency (Irena) states in the report “Renewable Capacity Statistics” with updated data on the renewable energy sector.

Asia once again achieved over half of the new installations despite a slightly slower pace. Europe and North America, meanwhile, saw an upturn in their capacity expansion. Wind and solar power accounted for 90% of the world’s newly added renewable capacity.

In part, this very high share reflects low hydropower growth as several large projects missed expected completion deadlines. But even then, renewables represented 72% of total capacity additions in 2019, continuing to outpace fossil fuels by a wide margin.

This latest edition of Renewable Capacity Statistics comes amid a global health crisis that affects practically every sphere of life. As an existential threat, the multi-faceted fallout from coronavirus (COVID-19) now sits alongside climate change as a defining challenge of our time.

In responding to today’s crisis, governments may be tempted to focus on short-term solutions. Yet distinctions between short, medium, and long-term challenges may be deceptive. Economic stimulus measures must also embrace sustainability and climate goals.

Source: Renewable Capacity Statistics 2020, IRENA
Featured image by Pexels from Pixabay

Giuseppe Perrone

Author and initiator of TwentyNow. ESG Manager in a tech unicorn after a 10 year experience in a big4 consulting firm. Travel lover, (former) basketball player, (current) outdoor basketball fighter. I love also mountain biking and running. I had the idea of creating TwentyNow to bring out the latest ESG trends and sustainability initiatives on a global scale, implemented by companies or bring forward by individuals.