Deloitte Predicts 5 Renewable Energy Trends to Watch
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Despite the pandemic and an economic recession, businesses and governments continued to pursue their decarbonization plans in 2020, according to Deloitte. Even without a direct incentive for green infrastructure development in the economic stimulus measures passed in response to COVID-19, clean energy demand in the US proved resilient, as renewables and storage recorded declining costs and rising capacity and usage factors.
Deloitte’s Renewable Energy Industry Outlook indicates that renewables edged out other electricity generation sources when electric demand fell this year (the US Energy Information Administration estimates that electricity consumption will likely fall by 3.9% year over year in 2020). Renewable growth is expected to rise in 2021 as the new administration starts to execute a platform that includes rejoining the Paris Climate Accord, investing $2 trillion in clean energy, and fully decarbonizing the power sector by 2035, according to the outlook.