IEA: Renewables Growth Is Stalling
By Nick Cunningham,OILPRICE – May 07, 2019, 6:00 PM CDTJoin Our Community
Renewable energy deployment stalled out last year, raising alarm bells about the pace of the clean energy transition.
In 2018, total deployment of renewable energy stood at about 180 gigawatts (GW), which was the same as the previous year. It was the first time since 2001 that capacity failed to increase year-on-year, according to the International Energy Agency (IEA).
Adding 180 GW of clean energy is a massive total, but still falls short of what is needed to clean up the electricity sector. It equates to roughly 60 percent of what is needed each year in order to meet long-term climate goals, the IEA said. The agency said that the world needs to add about 300 GW of renewable energy each year through 2030 in order to meet the targets laid out in the Paris Climate Agreement.
Worse, last year, CO2 emissions from energy rose 1.7 percent, setting another record high at 33 Gigatonnes. So, while emissions need to decline sharply, they haven’t even flattened out yet. Renewable energy continues to grow, but so does demand for oil and gas.
“The world cannot afford to press “pause” on the expansion of renewables and governments need to act quickly to correct this situation and enable a faster flow of new projects,” Fatih Birol, the IEA’s Executive Director, said in a statement.