IEA Says Renewables Boom Will Continue But Needs To Be Faster

Global renewable energy capacity jumped 45% last year, the biggest annual increase since 1999, and will need to accelerate in order to meet net zero targets, a new report from the International Energy Agency says. The “unprecedented boom” the IEA predicts will become a “new normal” was driven largely by a 90% increase in global wind energy capacity. “Renewables currently are expanding rapidly, but it should be faster,” said Heymi Bahar, a renewable energy analyst at the IEA. “If your target is net-zero, it has to be faster.” While the IEA expects renewables growth to continue at 2020’s pace the sector will need to expand even faster in order to both replace coal and gas and meet new power demand driven by the electrification of transportation and industry. (Bloomberg $, NPR, Wall Street Journal $, Reuters, The Guardian, The Verge, CNBC, Axios, Washington Examiner)