Renewable capacity hit a record in 2019 – but growth is slowing

However, there was a slight year-on-year slowdown in installations, with 176 GW of renewable capacity added in 2019, compared to 179 GW in 2018. But, according to IRENA data, total renewable power growth nevertheless outpaced fossil fuel growth by a factor of 2.6 – continuing the dominance of renewables in power expansion that was first established in 2012. Wind and solar capacity accounted for 90% of last year’s recorded additions.

Around 98 GW of solar capacity was added last year, 60% of which was in Asia. Meanwhile, China led growth in wind energy with 26 GW of the total 60 GW installed worldwide. The two technologies now have generating capacities of 623 GW and 586 GW respectively across the world – amounting to almost half of all global renewable capacity. Hydropower, bioenergy, geothermal and marine energy solutions displayed only modest year-on-year expansions of 12 GW, 6 GW, 700 MW and 500 MW each. 

In a telling development, more fossil fuel plants were decommissioned in Europe and the US than were built in 2019. But this trend was not matched in Asia, the Middle East or Africa, where the number of gas and coal-fired power stations grew. In the Middle East, where half of the world’s oil reserves are located, just over one quarter of new installed capacity was renewable. 

‘While the trajectory is positive, more is required to put global energy on a path with sustainable development and climate mitigation – both of which offer significant economic benefits,’ says IRENA Director-General Francesco La Camera. ‘At this challenging time, we are reminded of the importance of building resilience into our economies. In what must be the decade of action, enabling policies are needed to increase investments and accelerate renewables adoption.’

In the past 10 years, the world has invested some $3tn in renewable energy. According to IRENA, annual investments must more than double by 2030 to achieve what the organisation calls ‘a pathway to climate safety’. In monetary terms, this means upping spending to $750bn annually, from about $330bn currently.