The International Energy Agency (IEA) released a new analysis report forecasting the adoption of renewable energy up to 2025. The report highlights predictions that the renewable energy sector will overtake the gas and coal industry globally in 2024. It is expected that wind and solar energy will double by 2025.
The forecasts shows that 90% of new energy generation installed in 2020 will be renewable solutions. This helps to push 2020’s renewable energy generation to 7% higher than in 2019.
Research shows that the IEA’s report which was released in May found that the COVID-19 pandemic was having a negative effect on the industry with generation and adoption of renewable solutions declining rapidly. The recent 2020 report shows that the renewable energy sector is bouncing back with more and more countries committing to net-zero targets.
Wind, solar and hydro energy generation has rapidly recovered from the unprecedented challenges that a global pandemic presented whereas biofuel is experiencing a slower recovery likely due to transportation limitations. The fastest adoption of renewable energy solutions has been seen in Europe, America and China.
The IEA predicts that continued falling costs of renewable technology will positively influence the increased usage of renewable energy. Solar and Wind energy continue to remain the cheapest renewable solutions.
To read the full 2020 IEA report, click here
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