Sunday, June 26 2022 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Today's News
Yesterday's News
Week of Jun 20
Week of Jun 13
Week of Jun 06
Week of May 30
Week of May 23
By Topic
By News Partner
Gas News
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Global renewable power capacity to reach 320 gigawatts in 2022: IEA


    May 16, 2022 - Indian Retail News

     

      May 16 -- Renewable power is set to break another global record in 2022 despite headwinds from higher costs and supply chain bottlenecks. Global renewable power capacity additions are expected to rise this year to 320 gigawatts – equivalent to an amount that would come close to meeting the entire electricity demand of Germany or matching the European Union’s total electricity generation from natural gas.

      Solar PV is on course to account for 60 per cent of global renewable power growth in 2022, followed by wind and hydropower, as per International Energy Agency’s (IEA) Renewable Energy Market Update.

      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

      New capacity for generating electricity from solar, wind and other renewables increased to a record level worldwide in 2021 and will grow further this year as governments increasingly seek to take advantage of renewables’ energy security and climate benefits.

      In the European Union, annual additions jumped by almost 30 per cent to 36 gigawatts in 2021, finally exceeding the bloc’s previous record of 35 gigawatts set a decade ago. The additional renewables capacity commissioned for 2022 and 2023 has the potential to significantly reduce the European Union’s dependence on Russian gas in the power sector. However, the actual contribution will depend on the success of parallel energy efficiency measures to keep the region’s energy demand in check.

      “Energy market developments in recent months – especially in Europe – have proven once again the essential role of renewables in improving energy security, in addition to their well-established effectiveness at reducing emissions,” said IEA executive director Fatih Birol. “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.”

      The report showed that 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, which are more than compensating for slower than anticipated growth in the United States. 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.

      Based on the policy settings, however, renewable power’s global growth is set to lose momentum next year. In the absence of stronger policies, the amount of renewable power capacity added worldwide is expected to plateau in 2023, as continued progress for solar is offset by a 40 per cent decline in hydropower expansion and little change in wind additions.

      While energy markets face a wide range of uncertainties, the strengthened focus by governments on energy security and affordability – particularly in Europe – is building new momentum behind efforts to accelerate the deployment of energy efficiency solutions and renewable energy technologies. The outlook for renewables for 2023 and beyond will therefore depend to a large extent on whether new and stronger policies are introduced and implemented over the next six months.

      The current growth in renewable power capacity would be even faster without the current supply chain and logistical challenges. The cost of installing solar PV and wind plants is expected to remain higher than pre-pandemic levels throughout 2022 and 2023 because of elevated commodity and freight prices, reversing a decade of declining costs. However, they remain competitive because prices for natural gas and other fossil fuel alternatives have risen much faster.

      Global additions of solar PV capacity are on course to break new records in both this year and next, with the annual market reaching 200 GW in 2023. Solar’s growth in China and India is accelerating, driven by strong policy support for large-scale projects, which can be completed at lower costs than fossil fuel alternatives. In the European Union, rooftop solar installations by households and companies are expected to help consumers save money as electricity bills rise.

      Policy uncertainties, as well as long and complex permitting regulations, are preventing much faster growth for the wind industry. Having plunged 32 per cent in 2021 after exceptionally high installations in 2020, additions of new onshore wind capacity are expected to recover slightly this year and next.

      New additions of offshore wind capacity are set to drop 40 per cent globally in 2022 after having been buoyed last year by a huge jump in China as developers rushed to meet a subsidy deadline. But global additions are still on course to be over 80 per cent higher this year than in 2020. Even with its slower expansion this year, China will surpass Europe at the end of 2022 to become the market with the largest total offshore wind capacity in the world.

    TOP

    Other Articles - International


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.