China leads in renewable energy capacity

In News2 MinutesBy NZ Trucking magazineMay 6, 2021

The world‘s total installed renewable energy amounted to almost 2800 gigawatts in 2020. According to data presented by TradingPlatforms.com, China has an installed renewable energy capacity of 895 gigawatts – accounting for nearly a third (32%) of the world‘s installed renewable energy capacity and larger than the next five nations combined.

The next on the list is the United States of America with a distant 292 gigawatts. The USA, Brazil, India, Germany and Canada had a combined capacity of 809 Gigawatts in 2020. Japan was the only other country to have a capacity greater than 100 gigawatts, while Italy and France both had capacities of 55 gigawatts in 2020 to close out the top 10.

Renewable energy is experiencing steady growth across the board. Total renewable energy capacity increased by 10% year on year in 2020 from 2538 gigawatts to 2799. From 2015-2020, total installed renewable energy capacity grew at a compound annual growth rate (CAGR) of 8.67%. Several various types of renewable energy also experienced varying levels of growth.

In 2020 hydro energy, bioenergy and geothermal energy all experienced modest growth of between 1% and 2%. However, both Wind and Solar energy experienced significant year on year growth in 2020. Wind energy experienced an almost 18% year on year growth, while Solar had a year on year growth of 21.6%

Rex Pascual, editor at TradingPlatforms.com, commented: “Renewable energy continues to break deeper into the mainstream and has steadily increased its share of the world‘s total power production in recent times. China has set a high benchmark for other nations in its quest to be the world‘s primary source of renewable energy, a feat it is so far accomplishing.”