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International Energy Agency reports renewable energy will set a new record

Leading is Solar in China and Europe, but the growth rate may slow down in 2023. Accordingly, capacity recycled energy A new 295 GW was added in 2021 despite supply chain bottlenecks, construction delays and high raw material prices. In addition, an additional 320 GW is expected to be installed by 2022, which is equivalent to Germany’s entire electricity demand or Germany’s total natural gas electricity production. European Union.

The International Energy Agency reports that renewable energy will set a new record - Photo 1.

According to the IEA, which advises developed countries on energy policy, solar will account for 60% of renewable energy growth by 2022, ahead of wind and hydro. The additional renewable energy capacity put into service for 2022 and 2023 has the potential to significantly reduce the European Union’s dependence on Russian gas in the power sector, the IEA said.

However, the actual contribution will depend on the success of parallel energy efficiency measures to keep the region’s energy needs under control. The EU aims to cut by two thirds its heavy dependence on Russian natural gas by 2022 in the wake of the Ukraine crisis.

IEA Executive Director Fatih Birol said in a statement that developments in the energy market in recent months – particularly in Europe – have once again demonstrated the essential role renewable energy plays. created in improving energy security, in addition to effectively reducing emissions with established targets.

The U.S. renewable energy outlook is clouded by uncertainty over new drivers for wind and solar, as well as trade actions against solar imports, the IEA report said. from China and Southeast Asia. However, based on today’s policies, global growth in renewables will lose momentum next year.

In the absence of stronger policies, the amount of renewable energy capacity added worldwide is expected to increase by 2023, as continued progress in solar is offset. by a 40% decline in hydropower expansion and little change in wind addition.

The outlook for renewables for 2023 and beyond will largely depend on whether new and stronger policies are introduced and implemented over the next six months, the IEA said. Renewable capacity growth would now be even faster without current logistics and supply chain challenges. Meanwhile, the cost of installing solar and wind power plants is expected to remain above pre-pandemic levels throughout 2022 and 2023 due to soaring freight and transport prices, reversing a decade. Cut the cost.

However, they remain competitive because the prices of natural gas and other fossil fuel alternatives have increased much faster. The IEA notes that global additions of solar capacity are on track to break new records both this year and next, with the annual market reaching 200 GW by 2023.

Solar growth in China and India is accelerating, fueled by strong policy support for large-scale projects that can be completed at a lower cost than conventional solutions. fossil fuel alternatives. For the wind industry sector, the IEA says to have fallen 32% in 2021 after high installations in 2020, the addition of new onshore wind capacity is expected to recover slightly this year and next. .

New additions of offshore wind capacity are expected to drop 40% globally by 2022 after being boosted last year by a huge jump in China as developers rush to respond. subsidy period. However, the IEA added that global additions are still 80% higher this year than 2020. Even if the expansion rate is slower this year, China will overtake Europe by the end of 2022. to become the market with the largest total offshore wind capacity in the world.

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