(10 May 2022 – Global) Global renewable power is set for further record growth in 2022 according to the International Energy Agency (IEA), adding 320 gigawatts (GW) of new capacity on the back of governments cutting red tape and investing in growth to withstand the mounting energy crisis and climate change.
The IEA’s annual renewable energy update showed that renewable capacity additions broke a new record in 2021, increasing six percent despite ongoing pandemic-driven supply chain challenges, construction delays and record-level commodity prices for raw materials stemming from the Russian invasion of Ukraine. This year it is expected to further increase over eight percent, reaching 320 GW. The lion share of the expansion is attributed to grid and small-scale solar installations in addition to onshore wind. China, the European Union (EU) and South America have witnessed the greatest growth.
“The turmoil in Europe proved again that renewable energy was crucial not only to addressing climate change but to improving energy security” commented 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” Birol added.