IBEF: June 01, 2020
India became the nation with the fifth-largest hydropower production capacity in the world surpassing Japan and has total installed base standing at over 50 Gigawatt (GW), behind Canada, US, Brazil and China, according to International Hydropower Association (IHA).
The Hydropower Status Report for 2020 was published in May 2020 along with COVID-19 Policy Paper. According to data in the report, global hydropower installed capacity reached 1,308 GW in 2019, as 50 countries completed greenfield and upgrade projects, including pumped storage.
Although, a total of 15.6 GW in installed capacity was added in 2019, down from 21.8 GW in 2018. This represents a rise of 1.2 per cent, which is below the estimated 2.0 per cent growth rate required for the world to meet Paris Agreement carbon reduction targets. The countries with the highest increases in were Brazil (4.92 GW), China (4.17 GW) and Laos (1.89 GW).
IHA also added that the hydropower’s flexibility services have seen an increase in demand during the COVID-19 crisis, while plant operations have been less affected due to the degree of automation in modern facilities.
The developments in the hydropower have not been immune to economic impacts as the industry faces a widespread uncertainty and liquidity shortages putting financing and refinancing of some projects at risk.
The IHA added that the COVID-19 pandemic has underlined hydropower’s resilience and critical role in delivering clean, reliable and affordable energy.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.