Global New Energy Boom Slowed By Energy Crisis

Record growth in renewables, but world missed historic chance for a clean energy recovery, says latest REN21 report

June 15, 2022 (REN21)

“…The second half of 2021 saw the beginning of the biggest energy crisis in modern history, exacerbated by the Russian Federation’s invasion of Ukraine in early 2022…[T]he overall share of renewables in the world’s final energy consumption has stagnated – rising only minimally from 8.7% in 2009 to 11.7% in 2019…In the electricity sector, record additions in renewable power capacity (314.5 gigawatts, up 17% from 2020) and generation (7,793 terawatt-hours) were unable to meet the overall increase in electricity consumption of 6%. In heating and cooling, the renewable share in final energy consumption increased from 8.9% in 2009 to 11.2% in 2019.

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In the transport sector, where the renewable share went from 2.4% in 2009 to 3.7% in 2019, the lack of progress is particularly worrying, as the sector accounts for nearly a third of global energy consumption…Despite important green recovery measures in many countries, the strong economic rebound in 2021 – with global real gross domestic product (GDP) growing 5.9% – contributed to a 4% rise in final energy consumption, offsetting the growth of renewables…Most of the increase in global energy use in 2021 was met by fossil fuels, resulting in the largest surge in carbon dioxide emissions in history, up more than 2 billion tonnes worldwide…

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The Russian’s Federation’s invasion of Ukraine deeply aggravated the unfolding energy crisis, causing an unprecedented commodity shockwave…Between 2018 and 2020, governments spent a whopping USD 18 trillion – 7% of global GDP in 2020 – on fossil fuel subsidies, in some cases while reducing support to renewables (as in India). This trend reveals a worrying gap between ambition and action…With the right investments in technology, renewables are the only energy sources offering every country in the world a chance for greater energy autonomy and security…” click here for more

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