Renewables still growing despite global energy decline during Covid-19

It’s been a year that may end up as a turning point for the energy sector. The world came to a grinding halt in the face of Covid-19, causing a significant decline in energy consumption across the globe. And while that meant stagnation across the sector, one area managed to maintain growth, even if lower than anticipated: Renewables. The year prior to the pandemic marked the first time in decades that power demand had risen around the world, at the same time as fossil power production weakened. It was a shift; a glimpse of the new path ahead. We had reached a point where Europe has taken on a higher responsibility for the momentum in global climate policy, showing the way through the EU’s Green Deal strategy and high climate ambitions. With technology costs continuing to fall, this is the moment when we see investors shift to renewables.