India, EU to Drive an Expansion of Global Renewable Capacity : Research And Markets

Research firm -Research And Markets in its report expects and the EU will drive an expansion of global renewable capacity additions of nearly 10% next year due to the commissioning of projects that were delayed by the COVID-19 pandemic.

The firm noted that, if this growth continues as expected, wind and could increase by 1,123 gigawatts in 2024 and renewable could become the world’s largest source of by 2025.

According to a new report published by the International Agency, global renewable capacity will increase by 200 gigawatts or 7% by the end of 2020. This marks a new record for annual growth in the renewable sector and was driven by a surge in new projects from the US and .

Both countries saw a 30% increase in wind and as developers took advantage of financial incentives due to expire at year end.

Research And Markets in its report predicts that almost 90% of new installed this year will come from renewable sources with the remaining 10% coming from fossil fuels.