The Coronavirus’ Effect on the Solar Power, Wind Power & Renewable Energy Industry

The Coronavirus pandemic of 2020 affected many sectors of the renewable energy industry. Demand for electricity fell, as least temporarily. The degree to which it dropped varied according to what stage of lock-down was in effect from place to place. June 2020 electricity demand on a global basis was down 10%, while July was down only 5%. Empty offices, stores restaurants and shopping malls meant much lower use of electricity.

The International Energy Agency (IEA) expected global energy demand to drop 6% in 2020, the largest fall in more than 70 years. Global CO2 emissions were expected to decline 8% in 2020. However, emissions historically have recovered rapidly once economies improve. Growth in renewable energy was expected to slow in 2020 with the addition of only 167 gigawatts of capacity, 13% less than in 2019. This is due to supply chain disruptions, lockdown measures and social distancing, which delayed sales, logistics, permitting and construction of new renewable energy projects.

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The Coronavirus’ Effect on the Solar Power, Wind Power & Renewable Energy Industry, Business and Industry Trends Analysis

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