Global renewable electricity installation will hit a record level this year, despite the pandemic, according to the International Energy Agency.
The IEA report published on Tuesday says almost 90% of new electricity generation this year is renewable! If this kind of growth continues by 2025 green energy will be the biggest power source by 2025, surpassing coal which has been at the top of the list for 50 years.
While this is WELL past due according to nearly every expert, it is a desperately needed step in the fight to stave off the absolute worst of the Climate Crisis. It is that growing acceptance of the need to tackle the climate crisis by cutting carbon emissions which has made renewable energy increasingly attractive to investors.
The IEA reports that shares in renewable equipment makers and project developers have outperformed most major stock market indices and that the value of shares in solar companies has more than doubled since December 2019.
“Renewable power is defying the difficulties caused by the pandemic, showing robust growth while others fuels struggle,” said Fatih Birol, the IEA’s executive director. “The resilience and positive prospects of the sector are clearly reflected by continued strong appetite from investors.”
Smart nations would be investing in this technology, it’s development and future advancements, in order to stabilize any impact the losses from the fossil fuel industry may have on their economy.
The expectation currently is that renewable energy will supply two-thirds of global needs by 2025, and continue to grow after that. Anyone who relies too heavily upon the fossil fuel industry after that will find themselves struggling to keep up in the new world.