The cumulative capacity of renewables accounted for almost two-fifths of the total power generation capacity of the world in 2019. This cumulative capacity reached 2455 GW in 2019 with the shares of solar, wind, and hydropower power being 651 GW (26.5%), 644 GW (26.2%), and 1160 GW (47.3%) respectively.
However, solar power and wind power have accounted for more than two-thirds of the newly added capacity in 2019, while their old and traditional competitors, fossil fuels, accounted for more than 60% of the total cumulative power generation capacity by the end of that year. On one hand, this means that renewable power generation has surged during these recent years while its deployment is not accelerated sufficiently enough to outstrip its rivals. On the other hand, CO2 emission power generations, coal and gas, are still attractive enough for investors and governments to invest more in it.
For example, according to the Bloomberg New Energy Finance report, power produced from coal dropped 3% from 2018 to 2019 as plants ran less frequently. This marked the first fall in coal generation since 2014-2015 and while the world has far more coal plants online today than a decade ago, those plants are running less often. But, only in 2019, the world saw 39GW of net new coal capacity installed. This is one-third of the newly added capacity of solar power in 2019.
It is worth mentioning that China had the most investment in coal power generation in 2019.
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Source:@BNEF & @Solar_Edition
Photo:@Solar_Edition
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