The latest report on energy system developments shows that 176 GWs of new renewable energy capacity accounted for 72% of all new energy capacity additions in 2019.

The data, released in the International Renewable Energy Agency (IRENA)’s annual Renewable Capacity Statistics 2020, showed that while the 2019 figure was slightly lower than 2018’s 179 GW the market continued to expand, up over 7.5%. Asia showed the most spectacular growth, with 54% of total additions while wind and solar power accounted by 90% of capacity deployed.

Renewables accounted for at least 70% of total capacity expansion in almost all regions in 2019, other than in Africa where the figure was 52% and the Middle East, wherethey constituted 26% of net additions. The growth reported took the share of renerwables in global power capacity to 34.7%, up from 33.3% at the end of 2018.

Of course, while the growth in 2019 positions the renewable energy sector strongly for long term growth, there are continuing concerns about the impact of economic stimulus. It’s been argued that the bailout of the airlines could have paid for their transition to low carbon fuels, and it is possible that a focus on returning to business as usual through economic stimulus plans could result in continued funding of fossil fuel powered generation – especially in industrial areas where power density plays a critical role.

In response to concerns about such impact Francisco Camera, Secretary General of IRENA has warned that short term solutions adopted to face the challenges of COVID-19 must be in line with overall short and long term goals. He said, ““Renewable energy is a cost-effective source of new power that insulates power markets and consumers from volatility, supports economic stability and stimulates sustainable growth.”

He pointed out energy transitions are already underway in many countries, and have become increasingly affordable because of forward-looking policy frameworks, ongoing innovations and the falling technology costs for renewables. Solar photovoltaic (PV) and wind power have become the cheapest sources of electricity in many markets, with other renewable power sources poised to reach cost parity within a few years.