Renewable energy preferred over coal amid Covid-19 pandemic

According to a report by Moody’s, Covid-19 pandemic might lead to an increase in the clean energy transition amidst falling demand for electricity. The report states that renewables have shown more resilience across the US, Europe, China and India even as coal generation has continued to decline. The lockdown has led to a 20 per cent decrease in India’s power demand, with coal generation suffering the highest impact. The impact of recession and weaker growth expectations is going to be expected across all consumer segments including commercial, industrial and residential, leading to a decrease in the production of oil and coal. On the other hand, renewable energy continues to replace thermal power and made up the bulk of recent capacity additions both in India and across the world.