The Energy Collective Group
This group brings together the best thinkers on energy and climate. Join us for smart, insightful posts and conversations about where the energy industry is and where it is going.
Post
Renewables will break another global record in 2022 despite supply chain problems.
Despite soaring raw material prices, supply chain chaos, and construction delays - the world added a record 295 gigawatts (GW) of new renewable power capacity, according to the IEA’s latest Renewable Energy Market Update.
Global capacity expected to rise an additional 25 GW this year to 320 GW - equivalent to meeting entire electricity demand annually for Germany or EU’s total electricity generation from natural gas.
Solar is on track to account for 60% of global renewable power growth in 2022, followed by wind and hydropower.
The European Union addition jumped by almost 30% to 36 gigawatts in 2021 and Europe’s renewable capacity is set to grow more in 2022 and 2023.
Brussels aims to launch a “European Solar Rooftops Initiative” to help cut gas-fueled power and heating in domestic and commercial buildings and move away from Russian fossil fuels, according to a draft seen by Reuters, which is expected to be published next week.
However, 2023 could see a plateau due to a 40% decline in hydropower expansion and little change in wind power additions.
Researchers state “new and stronger policies are needed globally to keep up the momentum.”
As for supply chain problems, renewables are still competitive, as fossil fuels prices rose faster.
“Cutting red tape, accelerating permitting, and providing the right incentives for faster deployment of renewables are some of the most important actions governments can take to address today’s energy security and market challenges, while keeping alive the possibility of reaching our international climate goals”., said Faith Birol, IEA executive director.
Get Published - Build a Following
The Energy Central Power Industry Network® is based on one core idea - power industry professionals helping each other and advancing the industry by sharing and learning from each other.
If you have an experience or insight to share or have learned something from a conference or seminar, your peers and colleagues on Energy Central want to hear about it. It's also easy to share a link to an article you've liked or an industry resource that you think would be helpful.
Sign in to Participate