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COVID-19 Slows Global Growth In Renewable Energy

The pace of progress has slowed down for the first time in 20 years with fewer wind farms and solar plants built but could recover by 2021. 

The international energy watchdog has warned that developers will build fewer wind farms and solar projects this year than the record for renewable energy in 2019.

According to the International Energy Agency (IEA), a recovery is possible in 2021 if decisions from the government are made in the coming months to support the recovery of green economy from the pandemic. New figures from the IEA predict that the world will increase its renewable energy capacity to 6% or 167 GW this year. 

Growth is forecast to be 13% lower than new capacity starting in 2019. This slowdown is likely to be more serious in Europe. The IEA expects the amount of new renewable energy released this year to be reduced by one third from the lowest annual growth rate since 1996.

Fatih Birol, chief executive of the IEA, said countries are continuing to build new wind turbines and solar power plants, but at a much slower pace. Birol emphasized that countries must not lose the essential task of promoting clean energy conversion to allow people to escape the crisis on a safe and sustainable path.

The UK government has promised to conduct auctions of renewable energy subsidy contracts next spring, including bids from onshore wind and solar projects for the first time since the government's approval. The government lifted the financial assistance that was given four years ago.

According to IEA data, renewable energy industries will be the most flexible energy source through the Covid-19 pandemic, and predict that the impact of the virus will wipe out the growth of fuel demand. jelly this year.

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