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Green energy accounts for three quarters of new energy capacity

State of Green
By State of Green, April 08, 2020

Renewable energy accounted for 72 per cent of all power expansion in 2019. With last year’s installations, green technologies now account for more than one-third of the world’s energy supply.

The energy consumption of the world is getting greener. Close to three quarters of all global power installations in 2019 were renewable, according to data from the International Renewable Energy Agency (IRENA).

The new renewable energy mounted to 176 GW globally, which is 72 per cent of all energy installations in 2019. Of the total renewable capacity added in 2019, around 90 per cent came from solar and wind.

“Renewable energy is a cost-effective source of new power that insulates power markets and consumers from volatility, supports economic stability and stimulates sustainable growth. With renewable additions providing the majority of new capacity last year, it is clear that many countries and regions recognise the degree to which the energy transition can deliver positive outcomes,” said IRENA Director-General Francesco La Camera in a press release.

In the past decade, the global investments in renewables have reached around $3 trillionover the past decade, according to IRENA. However, the agency also stated to the news media Bloomberg that those investments must be doubled by 2030 to achieve “climate safety”.

-Related solution: Renewable Energy Policy Planning and Integration

 

Fossil fuel plants decommissioned in Europe and USA

The data from IRENA also shows that renewable energy increased by 7.6 per cent last year. The expansion of renewables meant that total renewable power growth outpaced fossil fuel growth by a factor of 2.6. The renewable growth dominance has been consistent since 2012.

This means that renewable energy now accounts for around 35 per cent of the world’s energy consumption – up from 33 per cent in 2018.

“While the trajectory is positive, more is required to put global energy on a path with sustainable development and climate mitigation – both of which offer significant economic benefits. At this challenging time, we are reminded of the importance of building resilience into our economies. In what must be the decade of action, enabling policies are needed to increase investments and accelerate renewables adoption,” continued Mr. La Camera.

The share of renewable energy solutions increasing comes at a time, where European and American fossil fuel plants are in decline. In 2019,  more fossil fuel plants were decommissioned than built in Europe and USA. The decline in fossil fuels worldwide, meanwhile, is equivalent to the entire energy output of Argentina, reports Reuters.

-Related solution: Helping Europe Reach Environmental Targets on Renewable Fuel

 

Sources:

The International Renewable Energy Agency (IRENA)

Reuters

The Guardian

Bloomberg

 

Photo credit: NASA

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