The growth of renewable energy worldwide is growing faster than ever before

Despite global scarcity of raw materials and rising prices of key commodities used to make solar power generators and wind turbines, growth in electricity generation capacity from renewable energy technologies is growing rapidly, with 290 GW of new generators installed in 2021, setting a record.

Global renewable electricity capacity is expected to increase by more than 60 percent between 2020 and 2026, reaching more than 4,800 GW. This is equivalent to the world's current fossil fuel and nuclear power combined. Overall, China remains the leader over the next five years, accounting for 43 percent of global renewable energy growth, followed by Europe, the United States, and India.

These four markets account for 80 percent of new renewable energy capacity installed worldwide.

By 2026, renewable energy will account for 95% of the world's new installed capacity, with solar alone providing more than half of that. China: Total wind and solar capacity expected to reach 1,200 GW in 2026.

Although feedstock shortages are limiting growth, global biofuel demand is expected to surpass 2019 levels in 2021, reversing last year's pandemic-induced decline. Demand for biofuels is expected to grow rapidly through 2026, with Asia accounting for 30% of new production.

Source: International Energy Agency