Renewables 2020 report that provides detailed analysis
and forecasts through 2025 of the impact of Covid-19 on renewables has been published recently. You can read the review of the CEO of Mercados – Aries International – MIGUEL A. HERNANDEZ – below:
“According to the report, the pace of solar PV and onshore wind additions slowed in the first half of 2020. Global renewable electricity capacity additions were over 11% lower in the first half of 2020 than in the first six months of 2019: developers connected an estimated 40 GW of solar PV, 17% less than last year, while wind expansion was down nearly 8%. The impact of lockdowns and movement restrictions varied by country and technology, and initial IEA data shows that in most countries not only did renewable energy developers not halt construction, but they accelerated their installation activities once restrictions were eased to make up for delays.
Renewables forecast remains strong despite Covid impact thanks to their continuous cost reduction. Likewise, the announced policy stimulus seem to support the development of clean energy which shall bring more certainty to the sector. It’s expected renewables surpass gas and coal by 2025 to become the largest source of electricity generation worldwide in 2025. Europe and India shall lead the new installed capacity in 2021.”