ILO: New record in 2022 for renewable energy sources

The world will set a new record for renewable energy capacity this year, led by solar energy in China and Europe, but growth could slow in 2023, the International Energy Agency (IEA) said on Wednesday.

A record 295 gigawatts of new renewable energy capacity was added in 2021 despite bottlenecks in supply chain, construction delays and high raw material prices, the IEA said in a report.

An additional 320 gigawatts is expected to be installed this year, equivalent to Germany’s total electricity demand or the European Union’s total gas production.

Solar energy will account for 60% of renewable energy growth in 2022, ahead of wind and hydroelectric power, according to the agency, which advises developed countries on energy policy.

“The additional capacity of renewable energy sources put into operation for 2022 and 2023 has the potential to significantly reduce the European Union’s dependence on Russian gas in the energy sector,” the IEA said.

“However, the real contribution will depend on the success of the parallel energy efficiency measures to keep the region ‘s energy demand under control.”

The EU aims to reduce its heavy dependence on Russian gas by two-thirds this year, following Moscow’s invasion of Ukraine.

“Developments in the energy market in recent months – especially in Europe – have once again demonstrated the essential role of renewable energy sources in improving energy security, in addition to their well-established efficiency in reducing emissions,” said the IEA Executive Director. Fatih Birol in a statement.

He urged governments to reduce bureaucracy, speed up licensing deliveries and provide appropriate incentives for faster development of renewable energy sources.

The IEA warned that, under current policies, “global renewable energy development is about to lose momentum next year”.

“In the absence of stronger policies, the amount of renewable energy capacity added globally is expected to stabilize in 2023,” the IEA said.

The Paris-based IEA said progress on solar energy was offset by a 40 per cent drop in hydropower expansion and a “small change” in wind power additions.

Source: KYPE

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