New Energy To Beat Russian Brutality

Renewable power’s growth is being turbocharged as countries seek to strengthen energy security; The global energy crisis has triggered unprecedented momentum behind renewables, with the world set to add as much renewable power in the next 5 years as it did in the past 20

6 December 2022 (International Energy Agency)

“…Energy security concerns caused by Russia’s invasion of Ukraine have motivated countries to increasingly turn to renewables such as solar and wind to reduce reliance on imported fossil fuels, whose prices have spiked dramatically. Global renewable power capacity is now expected to grow by 2,400 gigawatts (GW) over the 2022-2027 period, an amount equal to the entire power capacity of China today, according to [the IEA’s] Renewables 2022…This massive expected increase is 30% higher than the amount of growth that was forecast just a year ago, highlighting how quickly governments have thrown additional policy weight behind renewables…

click to enlarge

…[R]enewables are set to account for over 90% of global electricity expansion over the next five years, overtaking coal to become the largest source of global electricity by early 2025…The war in Ukraine is a decisive moment for renewables in Europe where governments and businesses are looking to rapidly replace Russian gas with alternatives…An even faster deployment of wind and solar PV could be achieved if EU member states were to rapidly implement a number of policies, including streamlining and reducing permitting timelines, improving auction designs…[and improving auction schedules and] incentive schemes to support rooftop solar…

click to enlarge

Beyond Europe, the upward revision in renewable power growth for the next five years is also driven by China, the United States and India, which are all implementing policies and introducing regulatory and market reforms more quickly than previously planned to combat the energy crisis…The report sees emerging signs of diversification in global PV supply chains, with new policies in the United States and India expected to boost investment in solar manufacturing by as much as USD 25 billion over the 2022-2027 period. While China remains the dominant player, its share in global manufacturing capacity could decrease from 90% today to 75% by 2027…” click here for more

click to enlarge

Tweet