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According to the latest report from Bridge to India, the COVID-19 pandemic has caused several operational and financial setbacks, reducing estimates of new global solar installations in 2020 by 20% from the previous forecast of 130-135 GW to about 105 GW.
In addition to the pandemic crisis, there are many other short- to medium-term impacts
on the industry, the clean energy consultancy said.
These factors include falling prices for fossil fuels and conventional electricity, which pose existential risks for grid-parity-based projects, deteriorating financial health of utilities, increased offtake risks for power producers, and increased costs and possible lower
revenues due to disruptions in construction activities.
Bridge to India added that other reasons were delays in government procurement plans, a sharp decline in the end-consumer-driven market, pressure on small equipment manufacturers, the risk of growing trade barriers and limited
financing.
The pandemic has refocused the attention of governments and policymakers on
tackling climate change and localizing energy supplies.
"Both priorities leverage the strengths of
solar technology.
Investors in traditional energy are expected to accelerate the shift
to renewable energy.
”
According to the report, when designing stimulus packages, governments need to consider long-term structural benefits, such as access to energy, job creation, reduced emissions and technological innovation
.
Bridge to India suggested that the focus should be on mitigating risk, especially for small developers, and ensuring financing support for the highly vulnerable distributed solar market; Ensure that emerging markets have ample access to low-cost debt and other financing mechanisms to sustain the sector's growth momentum
.
According to the latest report from Bridge to India, the COVID-19 pandemic has caused several operational and financial setbacks, reducing estimates of new global solar installations in 2020 by 20% from the previous forecast of 130-135 GW to about 105 GW.
In addition to the pandemic crisis, there are many other short- to medium-term impacts
on the industry, the clean energy consultancy said.
These factors include falling prices for fossil fuels and conventional electricity, which pose existential risks for grid-parity-based projects, deteriorating financial health of utilities, increased offtake risks for power producers, and increased costs and possible lower
revenues due to disruptions in construction activities.
Bridge to India added that other reasons were delays in government procurement plans, a sharp decline in the end-consumer-driven market, pressure on small equipment manufacturers, the risk of growing trade barriers and limited
financing.
The pandemic has refocused the attention of governments and policymakers on
tackling climate change and localizing energy supplies.
"Both priorities leverage the strengths of
solar technology.
Investors in traditional energy are expected to accelerate the shift
to renewable energy.
”
According to the report, when designing stimulus packages, governments need to consider long-term structural benefits, such as access to energy, job creation, reduced emissions and technological innovation
.
Bridge to India suggested that the focus should be on mitigating risk, especially for small developers, and ensuring financing support for the highly vulnerable distributed solar market; Ensure that emerging markets have ample access to low-cost debt and other financing mechanisms to sustain the sector's growth momentum
.
