International Finance
Energy Featured

209GW of new solar capacity to be installed globally in 2021

According to Bloomberg New Energy Finance’s latest forecast, a minimum of 160GW of new capacity will be added in 2021

Around 209GW of new solar capacity could be installed across the globe this year, according to Bloomberg New Energy Finance’s latest forecast. It predicts that a minimum of 160GW of new capacity will be added in 2021. Last year, 141GW of photovoltaic (PV) capacity was installed globally.

The report further predicts solar capacity to increase to 221GW in 2022 and 240GW in 2023. The solar market is also expected to grow significantly in countries such as India and China, where many projects were delayed last year due to the coronavirus pandemic.

It was also reported that WindEurope has warned that the pace of wind installation in Europe is too slow to reach its climate-neutral targets. Europe installed 14.7GW of new wind capacity in 2020, which is a 6 percent drop when compared to 2019. According to WindEurope, the continent will install 105GW of new wind farms over the next four years provided the governments deliver on their promises being made.

The EU27 will install 75GW of this at a rate of 15GW per year. It is reported that the EU needs to install 18GW per year to deliver its existing wind targets from the National Energy and Climate Plans.

According to the latest research from IHS Markit, countries such as Australia, Japan and Vietnam are leading the shift to renewable energy in Asia Pacific. Significantly, coal and gas power plants are also being built at a brisk pace as part of the energy mix across the region.

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.