Distillate Demand Down by 7% Over Year: IEA

Distillate Demand Down by 7% Over Year: IEA”

Along with financial challenges, this decline in renewable energy additions is due to delays in construction activity, supply chain disruptions, lockdown measures and social distancing guidelines.

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. In 2020, the IEA forecasts net additions of renewable electricity capacity to decline by 13 per cent compared with 2019.

The experts had at different fora lamented the huge cost associated with renewable energy components which are about 100 per cent imported into the country, thus increasing the cost of access to power through renewable. In 2021, however, total new renewable energy additions will recover to 2019 levels, not least because of two large-scale hydropower projects set to come online in 2021.

"Countries are continuing to build new wind turbines and solar plants, but at a much slower pace", said Fatih Birol, the IEA's executive director.

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.

While large scale solar projects will rebound by 2021 however, distributed solar PV will be "significantly slower" as households and small businesses hit by the economic downturn caused by the pandemic will have to review investment plans.

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Onshore wind installations have slowed down this year, but should be mostly compensated for in 2021, as the majority of projects are already financed and under construction.

"However, uncertainty remains over projects that had planned to secure their financing this year and become operational next year", it added.

Birol said the resilience of the renewables industry can not be taken for granted, and warned governments against reining in clean energy spending to weather the looming economic crisis wrought by the coronavirus.

In particular, residential solar is set to take longer than other renewables like offshore wind to rebound following the COVID-19 lockdown.

The IEA report said it was essential that governments provide policy predictability, which they could do through ambitious targets and objectives, reduce administrative barriers to renewables, and put renewables at the centre of stimulus packages. "But continuing cost declines will not be enough to protect renewables from a range of uncertainties that are being exacerbated by COVID-19", said Dr Birol.

"Even before the Covid-19 pandemic struck, the world needed to significantly accelerate the deployment of renewables to have a chance of meeting its energy and climate goals". None of the forecasts could anticipate the coronavirus pandemic and the extent of its impact on the world.

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