Record Levels In Renewable Energy Capacity
An all-time record.
Electricity generation capacity built-in 2019 was almost three quarters from renewable energy.
Last year there were more decommissioned fossil fuel power plants in the US and Europe than there were built. However, the number of coal and gas plants grew in Asia, the Middle East, and Africa. It seems the whole world isn't on the same page.
A $3tn investment has been made into renewables in the past decade, but, if we are wanting to tackle the climate emergency annual investments must double by 2030. Is this achievable?
The global oil market has been hit by a collapsing demand caused by Covid-19 lockdowns and a savage price war. This price war is between Saudi Arabia, Russia, and the US.
Renewable energy is a cost-effective source of new power. Solar and wind power are now the cheapest forms of electricity in two-thirds of the world, and the UK is now 11th in the world for installed renewables.