Poised to rise back to 2019 levels and beyond, the global capex spending on renewables is estimated to grow 8.5% to $255 billion in 2021, according to IHS Markit.
Following the rampant COVID-19 lockdowns and mobility restrictions that caused construction delays and supply chain disruptions in 2020, IHS expects a steady recovery in the year ahead.
Annual spending is expected to stay near projected 2021 levels through 2025, adding to a $1.3 trillion cumulative 2021-2025 spend, according to the firm. This would be a 9% increase over the cumulative capex from 2015-2019.
The firm estimates 2020 global non-hydro renewables capex will be $235 billion, down 7% from 2019 levels.
“When it comes to renewables, we may likely look back on 2020 not so much for the COVID-induced...