New Records For New Energy

Renewable power is set to break another global record in 2022 despite headwinds from higher costs and supply chain bottlenecks

11 May 2022 (International Energy Agency)

“…The world added a record 295 gigawatts of new renewable power capacity in 2021, overcoming supply chain challenges, construction delays and high raw material prices…, according to the [according to the International Energy Agency] Renewable Energy Market Update… Global capacity additions are expected to rise this year to 320 gigawatts…Solar PV is on course to account for 60% of global renewable power growth in 2022, followed by wind and hydropower…

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In the European Union, annual additions jumped by almost 30% to 36 gigawatts in 2021…The additional renewables capacity commissioned for 2022 and 2023 has the potential to significantly reduce the European Union’s dependence on Russian gas…[depending] on the success of parallel energy efficiency measures to keep the region’s energy demand in check…Renewables’ growth so far this year is much faster than initially expected, driven by strong policy support in China, the European Union and Latin America…

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The US outlook is clouded by uncertainty over new incentives for wind and solar and by trade actions against solar PV imports from China and Southeast Asia…[T]he amount of renewable power capacity added worldwide is expected to plateau in 2023, as continued progress for solar is offset by a 40% decline in hydropower expansion and little change in wind additions… The cost of installing solar PV and wind plants is expected to remain higher than pre-pandemic levels throughout 2022 and 2023…[but remain] competitive because prices for natural gas and other fossil fuel alternatives have risen much faster… click here for more

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