The COVID-19 pandemic has disrupted economies around the world, forcing both governments and companies to downsize budgets, shift priorities, and delay capital projects. The renewable energy sector has, like nearly every other, been impacted by the global crisis, according to the renewable energy analyst firm International Energy Agency.
Prior to the pandemic, 2020 was set to be a record year for new renewable energy capacity — meaning the amount of new solar panels, wind turbines, and other sources of energy installed around the world. But the pandemic has disrupted supply chains, causing construction projects to be slowed down or delayed. Growing financial uncertainty, meanwhile, has further postponed projects.