Page 5 - AfrElec Week 44 2020

AfrElec COMMENTARY AfrElec

month as China, Japan and South Korea have all
announced net-zero emissions targets for 2050, installations,” he said.
joining their existing renewables policies. He also identified offshore wind as the most
GWEC Market Intelligence highlighted that dynamic sector of the market.
carbon neutrality commitments by major econ- “Offshore wind has demonstrated its resil-
omies such as China, Japan and South Korea will ience by exceeding our pre-pandemic forecasts
increase the forecast for wind power over the for 2020, and will be an important source of
next few decades, but only if the right enabling growth in the decade ahead,” he said.
regulatory and policy frameworks are in place.
“China, the world’s largest wind power mar- Solar competition
ket and largest carbon emitter, has pledged to By comparison, the solar sector, which is often
go carbon-neutral by 2060. To have a chance seen as a key partner for wind in driving the
at achieving this target, we need to be installing energy transition, is forecast to grow by 5% in
50GW of wind power per year in China from 2020, against theGWEC’s figure of 18% for wind.
now until 2025, and then 60GW from 2026 Wood Mackenzie said in its recent quarterly
onwards,” said Feng Zhao, strategy director market outlook for the solar sector that solar PV
atGWEC. installations are expected to hit 115GW in 2020,
5% more than 2019.
Regions The Edinburgh-based consultancy noted
China and the US, the two largest renewables that China would show robust post-COVID-19
markets, are set to maintain their positions over recovery, installing 39GW in 2020, with 27GW
the next five years. in the second half of the year. This represents
The report also said that Latin America, 30% growth, as the pipelines for both subsi-
North America, Africa and the Middle East dy-free and auctioned projects have ballooned
would show increased growth in by 2025, while in 2020.
Asia-Pacific and Europe could be in danger of a By contrast, new Indian solar installations
slowdown in expansion in some countries. will drop by 42% to 4.9GW in 2020, the lowest
TheGWEC’s Zhao warned that regulatory growth since 2016.
issues had the potential to hold back growth. Solar and wind are proving their resilience
“These reductions are not necessarily a direct this year, and with declining costs in both sec-
impact of COVID-19, but also a symptom of tors they are well placed to provide electricity to
pre-existing regulatory issues, such as protracted consumers, and to contribute to the promising
permitting procedures, which are slowing down green hydrogen production market.™

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