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According to latest figures from the International Renewable Energy Agency (IRENA) renewable energy accounted for nearly three-quarters of global power capacity additions last year, half of which was switched on in Asia.
According to Irena’s Renewable Capacity Statistics 2020, the wind, solar, hydropower, bioenergy, geothermal and off-grid energy sectors together added 176GW (72 per cent) of new generating capacity worldwide in 2019, slightly lower than the 179GW added a year earlier.
Asia dominated the renewable expansion last year, accounting for 54 per cent of these additions.
Fossil fuel power plants are in decline in Europe and the United States, with more decommissioned than built in 2019.
However, the number of coal and gas plants grew in Asia, the Middle East and Africa.
In the Middle East, which owns half the world’s oil reserves, just 26 per cent of new electricity generation capacity built in 2019 was renewable.
The world has invested about US$3 trillion in renewable energy over the past decade, according to IRENA, but annual investments must double by 2030 to tackle the climate emergency.
“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,” IRENA director-general Francesco La Camera said.
“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.”
Total renewable power growth outpaced fossil fuel growth by a factor of 2.6, continuing the dominance of renewables in power expansion first established in 2012.
Solar and wind contributed 90 per cent of all renewable capacity added in 2019.
Solar added 98 gigawatts (GW) in 2019 (60 per cent of which was in Asia), while wind energy expanded by close to 60GW led by growth in China (26GW) and in the US (9.0GW).
Solar and wind now generate close to half of the world-wide renewable energy capacity, or 623GW and 586GW respectively.
“While the trajectory is positive, more is required to put global energy on a path with sustainable development and climate mitigation,” said Mr La Camera.
“At this challenging time, we are reminded of the importance of building resilience into our economies.”
Mr La Camera said the huge spending planned by governments in response to the coronavirus pandemic must support green initiatives rather than fossil fuels.
“In responding to today’s crisis, governments may be tempted to focus on short-term solutions,” he said.
“Yet distinctions between short-, medium- and long-term challenges may be deceptive.
“The pandemic shows that delayed action brings significant economic consequences.”
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