In spite of severe lockdown measures during the coronavirus pandemic in the globe, new renewable energy installation is still on its track to grab the limelight in the electricity generation sector from coal power. According to the International Energy Agency’s recently released report, renewables are set to account for 95% of the net increase in global power capacity through 2025. These renewables include hydropower, solar power, and wind power.
IEA’s estimations show that solar and wind installation will overtake natural gas in 2023 and coal power in 2024. Thus, renewables will outstrip their traditional and dirty fossil fuel-based rivals in power generation by 2025. It is also important to note that, by that time, renewables will become the largest and the leading source of electricity generation by supplying more than one-third of the global electricity demand.
It is worth mentioning that Solar electricity and onshore wind are already the cheapest ways of adding new electricity-generating plants in most countries today.
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