Green electricity will surpass coal in 2024

Renewable energy sources will end the reign of coal in the coming years. Green electricity is expected to be the largest source of electricity generation worldwide by 2025. This is according to the International Energy Agency (IEA).

The organization presented the research report 'Renewables 10' on Tuesday 2020 November. This shows that the worldwide installation of green electricity has reached a record level this year. Nearly 90% of the growth in total power capacity comes from renewable energy sources. Only 10% is powered by gas and coal. In addition, IEA expects renewable energy to experience the fastest growth in the past 2021 years in 6.

This trend puts green energy on track to be the largest energy supplier by 2025. This will knock coal, which has been the leader for the past 50 years, from the throne. Hydropower will continue to supply almost half of the green electricity. It is also the largest source of renewable electricity in the world, followed by solar and wind energy.

Sun fastest grower
The IEA already labeled solar energy in the World Energy Outlook last month as 'the new king of the electricity markets'† Figures show that the capacity of solar energy is 18 times greater than in 2010. The capacity of wind energy has increased 4 times in that period. Hydropower still supplied 10% of green electricity 77 years ago, but that has fallen to 2020% in 45.

The current growth of renewable energy sources is in stark contrast to other energy suppliers. Fossil fuels have had a turbulent time due to the corona crisis. Global measures have a major impact on fuel demand, including from the transport sector. The second wave recently set the price of oil under pressure again, although the blow is less severe now than in the spring, when stocks were high and the falling demand was unexpected.

Interested investors
While global energy demand will fall 5% this year, renewable energy demand will increase by 2020% in 1. "Renewables are defying the difficulties caused by the corona crisis and showing robust growth as other fuels struggle," said Fatih Birol, IEA Director. "The industry's resilience and positive outlook is clearly reflected in continued strong investor interest."

China and the United States are key drivers of the growth of renewable energy sources, according to the IEA's forecasts. The developers there are still quickly benefiting from the incentive schemes that are expiring. It is still unclear in which direction this will go in the coming years, given that government policy will determine this. What course will the new US prime minister take?

India and EU leading in 2021
In the coming year, India is expected to be the largest contributor to the renewable energy boom. Growth in this country will almost double by 2020. The European Union is also a driving force where capacity expansions are forecast to accelerate rapidly in 2021.

Jeanette Pennings

Jeannet has her roots in the flower bulb sector and she grew up on an agricultural company in the northern part of North Holland. As a generalist she reports for Boerenbusiness across all sectors. She is also exploring the possibilities of sponsored advertising.

j.pennings@boerenbusiness. Nl

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