Renewable energies set a world record in 2021, says international agency

The world’s renewable energy capacities, from offshore and onshore wind to solar, have increased and reached unprecedented levels, but at a rate insufficient for the planet to achieve carbon neutrality, said the International Energy Agency (IEA) .

This year will surpass the 2020 record, with 290 gigawatts (GW) of new installed capacity, despite the increase in the prices of some components and transport, highlights the agency’s “Renewables” report, published on Wednesday (1).

According to the IEA, which revised and raised its projections, 4,800 GW of installations will be available by 2026, which means 60% more than compared to 2020 and the equivalent of current electricity capacity from nuclear and fossil energy sources. together. Photovoltaics will represent more than 50% of this increase, and offshore wind will triple its capacities.

Growth involves all regions of the planet, with China leading the way: 1,200 GW of wind and solar capacities are forecast for 2026, that is, four years ahead of the official target, predicts the IEA.

However, if component and material prices remain so high until the end of 2022, the investment cost will be so high that renewable electrical capacities will be limited.

“The current high prices of materials represent new challenges for the renewable energy sector, but the high prices of fossil energies make renewables even more competitive”, highlights the director of the IEA, Fatih Birol.

But the growth of renewable energies will not be enough for the planet to reach carbon neutrality in 2050, a necessary step to limit the increase in average temperature to +1.5 °C compared to the pre-industrial era.

To reach the target, the pace of new renewable capacities installed between now and 2026 would have to double compared to IEA forecasts, and the demand for biofuels should be four times higher.​