IEA says marine energy can help keep renewable growth on track
Before the coronavirus pandemic, 2020 was set to be another record year for renewables installations. That is now looking very unlikely. Heymi Bahar at the IEA identifies three main challenges facing the growth of renewables due to the global economic consequences of the pandemic: Supply chain disruptions, anywhere, will surely lead to delays in completing projects everywhere.
Compounding those delays, major renewables incentives expire at the end of 2020 in China, the U.S. and the EU (and no doubt similar deadlines elsewhere, like India). The threat to investment due to uncertainty and diverted priorities. He goes into the details, including manpower lockdowns, vulnerable small projects, abandoned face-to-face executive and community meetings, distributed “rooftop” solar PV, and more.
Bahar says there are three headline solutions for governments: Extend the deadlines; Include financing and incentives for renewable projects in upcoming stimulus packages; Short term policy actions that align with new medium and long term strategies to maintain the 2050 emissions targets, including future essentials like electricity infrastructure and the funding of new technologies like floating offshore wind farms, marine technologies and low-carbon hydrogen.