NewsREN21’s Renewable 2019 Global Status Report (GSR) released on June 18, 2019, highlighted that although the share of Renewable energy’s in power consumption is increasing but it would be more if policymakers had prioritized the sector.
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- Erratic policy decisions kept the world from using the sector to its potential in meeting climate change targets
- The report attributes this to factors like
- Land and transmission constraints,
- 25 percent safeguard duty on imports from China and Malaysia
- Flaws in the tender scheme
- Tax uncertainties
- Renewables now supply around 26 percent of global electricity production but the transport, cooling and heating sectors lag far behind in renewable adoption
- REN21 reported that due to lack of ambitious and sustained policies to drive decarbonizing in heating, cooling and transport sectors indicates that countries are not trying to maximize the benefit of the energy transition to move to cleaner options
- Only 40 countries have taken some measures in terms of fossil fuel subsidy reform since 2015, while 112 countries still continue with the subsidy, found the status report. Also, 73 countries provided subsidies of more than $100 million each in 2017.
- Only 44 countries have implemented carbon pricing policies and most countries have continued supporting subsidies for the fossil fuel industry, the report read.
- Estimated total global subsidies for fossil fuel consumption were $300 billion in 2017, an 11 percent increase from 2016.
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- The report confirmed that installed renewable power capacity was more than that of fossil fuel and nuclear power combined for the fourth consecutive year.
- The new investment in renewable energy decreased by 16 percent in 2019 compared to 2017. India ranked fourth globally for new investment in renewable energy in 2018
- India’s new power generation capacity from solar photovoltaic panels decreased compared to 2017, according to the report. However, India placed fifth, overtaking Italy, with 33 gigawatts (GW) total installed capacity.
- Around 100 GW of solar PV were added in 2018 which is enough to meet more than 25 percent of electricity demand in France, the report added.