If the context of high energy and commodity prices continues until the end of this year, investments in renewable projects will be significantly affected. This is revealed in the Renewables 2021 Report prepared by the International Energy Agency (IEA), presented yesterday by El Club Español de la Energía, which estimates that this impact could cause the cost of wind power investments to return to the levels of 5 years ago and that of photovoltaic to return to the levels of 3 years ago.
Despite rising costs, Heymi Bahar, Senior Analyst at the agency and lead author of the report, said that green energy growth is expected to accelerate further, achieving a new record for new global installed capacity in 2021 of 290 gigawatts, or 3% higher than the 2020 record. In this respect, photovoltaics is the growth driver for renewable electricity worldwide, with a forecast increase in new capacity of 17% in 2021,
In its central scenario, the analysis forecasts that electricity capacity with renewables will increase by more than 60% across the field by 2026, which would be equivalent to the current combined fossil fuel and nuclear generation capacity.
"Of the total increase in electricity capacity worldwide over this period, almost 95% would be from renewable installations, with solar PV contributing more than half of this growth," Bahar said. At the European level, the expected growth in installed capacity up to 2026 is 50%.
During the presentation, the analyst also highlighted the importance of economic stimulus funds globally, as $42 trillion is expected to go to sustainable technologies. However, investment support from the private sector will also be necessary, which requires policies that support these investments.