Not even the COVID-19 global pandemic seems to derail the world from the path towards green recovery. International Energy Agency has data that supports that the pandemic has not stopped the battle against climate change. Instead, the fight continues, and the world is winning in 2020. Upon discovering COVID-19, one of the fear was that it could cripple efforts to reduce carbon emissions in various ways. One of them was the possibility of the pandemic being destruction from the issue to the extent that no one, especially the politicians, pays attention to the same. Another scenario was the coronavirus leading to a pathetic economy and the government choosing to compromise the environmental standards to solve the crisis.
Environment enthusiasts have been vocal and optimistic so far and believe that this period is the best for environmental rehabilitation, including decarbonization. However, the attention of most governments is on how to revive their economy. Despite that, economists suggest that they focus on green investments so that both the environment and economies can thrive simultaneously. Consequently, some countries have promised to give green recovery a priority. Research by The Guardian shows that governments are not living up to their word. On the contrary, they have been investing in projects that could harm the environment. With such projects worth billions, that’s a reason for concern. Regardless, the IEA report shows that renewables are doing better than fossil fuels.
During the pandemic, demand for coal, gas, and oil has increased. On the other hand, the Renewables 2020 report shows that carbon-free electricity contributed up to 90% of the annual power capacity during the period. In 2021, the forecast indicates that the contribution will increase further. Leading players in this change are the US and China, through solar and wind enough to expand by around 30 percent in the duo. Next year, the main contributors will be India and the European Union, which will increase by 10 percent. For instance, India plans to double its 2020 results.
Despite energy demand dropping by 5 percent this year, renewables generation has increased by 7 percent. The future seems to be promising since manufacturers are increasing the renewable power equipment stocks each passing day. The renewables are also leading in major stock market indices and the entire energy sector. A good example is solar companies, whereby the total share price was more than twice its value back in December 2019. Honestly, most governments lack records to show that they are putting efforts into green recovery. Nevertheless, actions talk louder than words, and the fact that the renewables industry is thriving only means that the world is on the right track.