Renewable energy should account for nearly 95% of the increase in power capacity in the world through 2026, a report by the International Energy Agency (IEA) showed on Wednesday, with solar power providing more than half the boost. The milestone comes despite rising costs for materials used to make solar panels and wind turbines. New renewable power capacity this year will rise to a second consecutive all-time high in 2021, the Paris-based energy wathdog said in its annual Renewables Market Report. “This year’s record renewable electricity additions of 290 gigawatts are yet another sign that a new global energy economy is emerging,” said IEA Executive Director Fatih Birol. “The high commodity and energy prices we are seeing today pose new challenges for the renewable industry, but elevated fossil fuel prices also make renewables even more competitive.” Renewable electricity capacity by 2026 will equal the […]