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Coronavirus crisis to hit renewable energy installations this year, but IEA praises sector's 'resilience'

Renewable installations are set to fall this year due to the impact of the coronavirus pandemic, the International Energy Agency said Wednesday.

The IEA’s Renewable Market Update report projects that 167 gigawatts (GW) of renewable capacity will be added in 2020, a 13% drop compared to the rise in 2019 and the first decline in the growth rate in 20 years.

In its report, the IEA said that the drop reflected “delays in construction activity due to supply chain disruption, lockdown measures and social-distancing guidelines” as well as what it described as “emerging financial challenges.”

While new additions are set to drop this year, overall worldwide renewable capacity is still set to increase by 6%, according to the agency.

Date: 20th May 2020
Source: CNBC
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