IEA predicts global growth of renewable energy capacity in 2021 by a record 290 GW

The growth of renewable energy sources capacities is accelerating around the world, in 2021 the increase in new capacities based on renewable energy will be a record, according to the report of the International Energy Agency (IEA).

“Growth in global power generation capacity from solar panels, wind turbines and other renewable energy technologies will accelerate in the coming years, and new capacity is expected to set a new record in 2021,” the report said. At the same time, it is expected that the increase in renewable energy capacities introduced in the period from 2021 to 2026 will be 50% higher than from 2015 to 2020.

According to the agency, despite the increase in prices for materials used for the production of solar panels and wind turbines, the increase in new capacities based on renewable energy sources this year will grow to 290 GW, which will exceed the previous maximum set in 2020.

By 2026, the capacity of renewable energy sources in the world, according to the agency's forecasts, will grow by more than 60% compared to the levels of 2020, to more than 4.8 thousand GW. Renewables are expected to account for nearly 95% of the global increase in energy capacity in 2026, with solar alone providing more than half.

“The record increase in renewable energy capacity of 290 GW this year is another sign that a new global energy economy is emerging,” said IEA head Fatih Birol.

According to the agency's forecasts, China will remain the leader over the next five years in the commissioning of new renewable energy capacities, it will account for 43% of the increase, followed by Europe, the USA and India. Overall, these four markets will account for 80% of the growth in renewable capacity worldwide.