In 2019, solar and wind power plants accounted for 67% of new capacity put in place according to a BloombergNEF report, with 118 GW. Photovoltaics alone accounted for 45% of new power plants, making it the fourth largest source of energy in the world.

In 2019, solar and wind represented 67% of new electricity capacity installed around the world. Photovoltaics alone accounted for 45% of the power plants built worldwide with 118 GW installed, reveals BloombergNEF’s “Power Transition Trends 2020” report (BNEF), dated September 1, 2020. It was also the first choice in a third of the 138 countries included in the report, including India, Italy, Australia, Namibia, the United States and Chile, among others.

“The sharp decline in the costs of solar equipment, primarily solar modules, has made this technology widely available to businesses and networks. Photovoltaics are now ubiquitous and a global phenomenon , ” said Luiza Demôro, analyst at BNEF and lead author of the report.

The global capacity of solar power plants installed worldwide now stands at 651 GW, making the technology the world’s fourth largest energy source ahead of wind (644 GW) and behind coal (2,089 GW), gas. (1,812 GW) and hydropower (1,160 GW). In terms of production, solar provided 2.7% of the energy consumed in the world in 2019 compared to 0.16% a decade ago.

In 2019, 39 GW of coal-fired power plants were also built worldwide compared to 19 GW in 2018. However, electricity production from this source decreased by 3% in 2019 compared to the previous year due to the slowdown in the use of these infrastructures. Even if their capacity continues to increase, coal-fired power plants do indeed operate less often. Their average utilization rate fell from 57% in 2018 to 50% in 2019.

“Richer countries are quickly getting rid of old and inefficient coal-fired power plants, because these cannot compete with new renewable or gas projects. But in less developed nations, particularly in South and Southeast Asia, newer, more efficient coal-fired power plants are coming into operation, often with financial support from Japanese or Chinese creditors , ” explains Ethan Zindler, manager. America at BNEF.

 

Source: Agence Ecofin

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