Renewable energy growing at a fast pace, China and India leading the way |

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Growth in renewable energy is set to hit an all-time record this year, but is still falling “well short” of what is necessary to slash planet-warming emissions, according to the International Energy Agency. The energy watchdog estimates that around 290 gigawatts (GW) of renewable energy capacity came online around the world in 2021 — enough electricity for approximately 200 million average US homes — according to a report published Wednesday.

By 2026, the agency predicts global renewable capacity will rise more than 60% from 2020 levels, an amount equivalent to the current total global power capacity of fossil fuels and nuclear combined, it said.

But to reach net-zero emissions by 2050, a goal many nations have set, renewables need a far bigger push. The current pace is being driven by China, which the agency says remains the global leader in renewable energy growth. The country is expected to reach 1200 GW of total wind and solar
capacity in 2026, four years sooner than its target date. Renewables are also being rapidly embraced in India, where they are projected to double new installations this year, in comparison to 2015-2020.

 FT 1st Dec 2021

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