The price of new-build renewable energy is expected to fall significantly relative to new-build coal energy in coming years. (AAP Image/Lucy Hughes Jones)

In its annual renewables report, the International Energy Agency (IEA) shows that global renewable electricity installation will hit a record level in 2020, in sharp contrast with the declines caused by the coronavirus pandemic in the fossil fuel sectors.

The agency says almost 90 percent of new electricity generation, this year, will be renewable—with just 10 percent powered by gas and coal.

The trend puts green electricity on track to become the largest power source in 2025, displacing coal, which has dominated for the past 50 years.

The IEA added that new additions of renewables capacity worldwide will increase by 4 percent from last year to a record 198 gigawatts (GW) this year.

In 2021, IEA expects a 10 percent increase in renewable power capacity additions, led by the EU and India.

Projects delayed by the pandemic will contribute to that, while growth is also expected in markets with strong project pipelines before COVID-19 struck.

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