The world’s renewable energy industry grew at its fastest pace since 1999 last year, despite the disruption caused by the Covid-19 pandemic, and may have established a standard for growth in the future, according to the International Energy Agency (IEA). The global energy watchdog revealed that the delivery of renewable energy projects, including windfarms and solar power projects, grew by 45% last year in a step change for the global industry. China remains at the heart of the renewable energy industry’s growth after accounting for more than 40% of the global growth in the market for the last few years. The passing of a key industry deadline for state subsidies in China is expected to cause the country’s renewable energy growth to slow in the years ahead. Business email signupHe said record levels of government auctions for new renewable energy projects combined with a rising number of companies seeking to switch to renewables powered the “exceptional increase”, which is set to become “the new normal for renewable energy”.

Source: The Guardian May 11, 2021 06:00 UTC