Page 7 - AsiaElec Week 45

AsiaElec COMMENTARY AsiaElec

global lockdown. Logistical challenges have been “Governments can tackle these issues to help
mostly resolved with the easing of cross-border bring about a sustainable recovery and accelerate
restrictions since mid-May. This has led to the clean energy transitions. In the United States, for
pace expansion recovering between May and instance, if the proposed clean electricity policies
October. of the next US administration are implemented,
Wind, solar and small hydro are set to account they could lead to a much more rapid deploy-
for 90% of new power capacity in 2020. In the ment of solar PV and wind, contributing to a
solar sector, faster expansion of utility-scale pro- faster decarbonisation of the power sector.”
jects has compensated for the decline in rooftop If countries address policy uncertainties,
additions. global solar PV and wind additions could each
Wind, solar and small hydro are set to account increase by a further 25% in 2022. The report
for 90% of new power capacity in 2020. In the called this forecast its Accelerated Case. This
solar sector, faster expansion of utility-scale pro- would push renewable capacity additions to a
jects has compensated for the decline in rooftop record 271GW. China alone would account for
additions. 30% of the increase.
Wind and solar PV additions are set to jump The solar PV annual market could reach
by 30% in China and the US as developers rush about 150GW – a rise of almost 40% in just three
to complete projects before changes in policy years.
take effect. In the US, if additional policies for clean elec-
tricity are implemented, solar PV and wind may
2021 see much more rapid deployment, contribut-
Looking ahead to 2021, when renewable capac- ing to a faster decarbonisation of the US power
ity growth should reach a record 10%, the report sector.
said that India and Europe would show the most If supportive policies are kept consistent, then
dynamic growth in that year, taking the places of total installed wind and solar PV capacity is on
the US and China. course to surpass natural gas in 2023 and coal
India is anticipated to be the largest contrib- in 2024.
utor to the renewables upswing in 2021, with Solar PV alone could account for 60% of all
the country’s annual additions almost doubling renewable capacity additions until 2025, and
from 2020. wind provides another 30%.
In the EU, capacity additions are forecast to The report believes that $108bn of the $470bn
jump in 2021. This is mainly the result of previ- in energy-related stimulus packages announced
ously auctioned utility-scale solar PV and wind by individual countries so far is targeted at clean
projects in France and Germany coming online. energy.
These measures can support renewables by
Beyond 2021 providing additional financial support either
The report again warned that while renewa- directly – or indirectly through areas such as
bles has been resilient during the coronavirus buildings, grids, electric vehicles (EVs) and
(COVID-19) crisis, policy uncertainties are still low-carbon hydrogen.
what could hold back renewables growth, espe- This is also the case for the forthcoming EU
cially beyond 2021. economic recovery plan, which is anticipated to
“Renewables are resilient to the COVID cri- contain an estimated $310bn of climate-related
sis but not to policy uncertainties,” said Dr Birol. spending.™

Week 45 11•November•2020 www. NEWSBASE .com P7