Renewable Energy on the Rising Path in 2022 Reported by IEA

Despite supply chain constraints, construction delays, and high raw material prices, the lEA said that 295 gigawatts of new renewable generating capacity were added in 2021.

May 11, 2022. By News Bureau

Despite supply chain constraints, construction delays, and high raw material prices, the lEA said that 295 gigawatts of new renewable generating capacity were added in 2021.

According to the International Energy Agency, the world will establish a new record for renewable power capacity this year, led by solar energy in China and Europe. But this growth will see a decline in 2023.

Despite supply chain constraints, construction delays, and high raw material prices, the lEA said that 295 gigawatts of new renewable generating capacity were added in 2021.

This year, an additional 320 gigawatts of renewable energy will be added, which is equal to Germany's whole electricity demand or the European Union's total renewable energy generation.

According to the agency, solar energy will account for 60% of renewable power growth in 2022, ahead of wind and hydropower.

"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," the lEA said. 

"However, the actual contribution will depend on the success of parallel energy efficiency measures to keep the region's energy demand in check." 

Following Moscow's invasion of Ukraine, the EU established a goal of reducing its significant reliance on Russian natural gas by two-thirds this year.

"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," lEA Executive Director Fatih Birol said in a statement. 

He urged governments to cut red tape, accelerate the deliveries of permits and provide the right incentives for faster deployment of renewables. 

The lEA warned that, based on current policies, "renewable power's global growth is set to lose momentum next year." 
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