Ammon News - Renewable energy grew at its fastest pace in two decades last year, led by China, and will continue to grow in the next two years, according to a report recently issued by the International Energy Agency (IEA).

The report showed that the new renewable energy capacity last year rose by 45% to 280 gigawatts (GW), the largest year-on-year increase since 1999, even though there were supply chain disruptions and construction delays due to the impact of the coronavirus pandemic.

China accounted for 50% of renewable energy capacity growth last year and will account for 45% this year and 58% in 2022, it said.

Globally, around 270 GW of new capacity is forecast to be added this year and nearly 280 GW in 2022, the IEA said in a renewable energy market outlook.

These forecasts have been increased by more than 25% from the agency's previous forecasts in November as governments have auctioned record amounts of renewable energy and companies have signed a record number of power purchase agreements.

Governments auctioned 75 GW of offshore and onshore wind, solar photovoltaic and bioenergy capacity last year, up 20% from 2019.