Title : The future of global renewable energy - analysis and forecasts of world renewable energy markets
Global renewable energy capacity will see a record growth in the next four years and will account for more than 95% of the new global power capacity additions till 2026. Although record increases in commodity prices have increased the costs of building new wind and solar PV installations, the ambitious climate targets agreed at COP26 and the consequent policy supports put forth by governments around the world will still outweigh the former and contribute to a 60% increase in the present renewable electricity capacity, reaching an astonishing 4,800 GWe by 2026. This is equivalent to the current global electrical capacity of all nuclear and fossil fuels combined. China continues to lead the new renewables installation growth over the next four years, with a 43% share. This will be followed by the European Union, the US and India. These four markets account for more than 80% of renewable capacity expansion worldwide. The EU and China will overshoot their current targets, setting the stage for a more ambitious growth trajectory. Asia is set to overtake Europe with India and Indonesia leading renewed growth in for biofuels after the Covid19 Pandemic. This encouraging growth will go a long way in the world making tangible and substantial progress to meet the climate change targets for our planet.