COVID-19 has altered the world, but it hasn’t stopped the steady march of renewable energy. In fact, during the pandemic the segment grew faster than in the past. The world added more than 260 gigawatts (GW) of renewable energy capacity in 2020, up nearly 50% from the previous year, according to the International Renewable Energy Agency (IRENA).
The bipartisan infrastructure deal unveiled in June represents a historic moment for renewable energy advocates. The Biden administration hopes to spend $73 billion on upgrading the nation’s power grid to support renewables and $46 billion on manufacturing to support the growing industry, among other climate change initiatives. Many people in the industry see the proposal as a chance to make strides toward carbon reduction goals.
“For renewable energy to keep going as strongly as it has been, we do need to keep bringing down the cost and to do that, we need the latest technology,” says Jérôme Pécresse, global CEO of GE Renewable Energy. “The product cycle for wind energy has accelerated greatly — we introduce new turbines or new platforms to the market every one to two years.”