BAKU, Azerbaijan, Dec.1
By Leman Zeynalova – Trend:
Expansion of bioenergy for power capacity is expected to slow down by 10 percent by 2026, Trend reports with reference to the International Energy Agency (IEA).
“China provides almost 60 percent of this new capacity due to waste-to-energy projects driven by growing urbanization. Beyond China, supply chain challenges, lack of policy support and relatively high generation costs contribute to the slowdown in expansion. Despite its great resource potential, geothermal growth is limited to less than 5 GW over 2021-2026, representing only 0.2 percent of our forecasted renewable capacity expansion,” reads the IEA report.
The report says that limited policy support to address the technology’s pre-development risks hampers investment in large-scale geothermal projects.
“For CSP, we expect less than 3 GW to be commissioned by 2026. Relatively high investment costs, lack of dedicated auctions and competition from solar PV and battery storage projects prevent faster expansion of CSP. The growth of dispatchable renewables such as hydropower, bioenergy, geothermal and CSP slows by 5 percent compared with expansion over 2015-2020,” noted the IEA.
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