View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Tech
  2. Renewables
28 April 2021updated 05 Nov 2021 9:30am

IEA: Strong renewables growth continues in 2021

The share of renewable energy in the global electricity mix should hit an all-time high in 2021, says the International Energy Agency.

By Energy Monitor Staff

Renewable energy will continue to grab market share from fossil fuels in 2021. The International Energy Agency (IEA) expects strong renewable energy growth to increase the share of renewables in the global electricity generation mix to an all-time high of 30% this year.

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

“Combined with nuclear, low-carbon sources of generation well and truly exceed output from the world’s coal plants in 2021,” says the IEA.

A floating solar power farm off the northern coast of Singapore. (Photo by Roslan Rahman/AFP via Getty Images)

This growth is a continuation of recent trends. The IEA’s Global Energy Review 2021 finds that overall renewable energy use increased by 3% in 2020. Electricity generation from renewable sources rose by nearly 7% last year, pushing renewables’ share of the global electricity generation mix to 29%, up from 27% in 2019.

The IEA expects renewable electricity generation to jump by more than 8% in 2021 to reach 8,300 terawatt-hours (TWh). Almost half of the global increase in renewable electricity expected this year will be in China. Wind electricity generation should increase by 275TWh, or 17%, and solar PV generation should increase by 145TWh, or 18%, in 2021.

However, renewables growth is tempered by a rebound in fossil fuel use and emissions. The IEA says global energy demand will grow strongly in 2021 as economies recover from pandemic lockdowns, and coal and gas use could rise above 2019 levels. Energy-related CO2 emissions could increase by 1.5 billion tonnes this year, which would be the second-largest increase in history.

CO2 and methane levels continued to rise in 2020, despite the pandemic shutdowns, says the US National Oceanic and Atmospheric Administration. Global greenhouse gas emissions must fall by nearly 8% annually between now and 2030 to meet the 1.5°C Paris Agreement target, says the United Nations Environment Programme.

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. Keep up with the global energy transition with one of our editors bringing you the best of our data-led news and analysis every Monday and Thursday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Energy Monitor