Renewables installations to shrink 13% this year: IEA

Renewable energy growth to decline in Nigeria other economies –IEA

Driving the news: "The decline reflects delays in construction activity due to supply chain disruption, lockdown measures and social-distancing guidelines, and emerging financing challenges", the report states.

The agency, which had expected 2020 to be a bumper year for green energy, slashed its two-year forecast for growth in renewable capacity by almost 10 percent.

The UK government has promised to move ahead with an auction for renewable energy subsidy contracts next spring which will include bids from onshore wind and solar projects for the first time since the government lifted a block on financial support put in place four years ago.

Given 2019's exceptional renewable energy growth, Europe looks set to have one of the steepest drops in capacity additions, losing a third.

Renewable power sources have so far showed impressive resilience despite the disruptions and changes caused by the coronavirus pandemic, with their share of the electricity mix increasing in many markets.

Renewable capacity additions this year are set to total 167 gigawatts (GW), 13% less than last year, according to the IEA's Renewable Market Update report.

"The resilience of renewable electricity to the impacts of the Covid-19 crisis is good news but can not be taken for granted", said IEA's Executive Director Fatih Birol.

While that'll see the level of new renewable power return to 2019 levels, it'll still be about 10% below what the IEA had previously forecast for this year and 2021.

It, however, added that a rebound was expected in 2021 with capacity additions exceeding 2019 levels.

"The resilience of renewable electricity to the impacts of the COVID-19 crisis is good news but can not be taken for granted", said Dr Fatih Birol, the IEA executive director.

Despite the demand for renewable energy, Birol urged governments to keep sight of the "essential task of stepping up clean energy transitions to enable us to emerge from the crisis on a secure and sustainable path". "But if [support schemes] are postponed or cancelled it will be a serious hit for the growth of renewables, which we need badly to meet our climate goals". The impact of the crisis on offshore wind deployment is set to remain limited in 2020 and 2021, since offshore projects have longer construction periods than onshore ones.

"But continuing cost declines will not be enough to protect renewables from a range of uncertainties that are being exacerbated by Covid-19". The outlook also takes into account ongoing policy uncertainty and market developments such as the most recent auctions and newly financed projects before the Covid-19 outbreak. None of the forecasts could anticipate the coronavirus pandemic and the extent of its impact on the world.



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