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OUTLOOK



            Record renewables additions




            for 2021 and 2022 despite



            supply bottlenecks prove solar



            & wind’s resilience




















            International Energy Agency


                       espite – or perhaps because of –
                       global market and political turmoil,
                       renewable power is set to break
                       another record in 2022. That’s af-
                       ter 2021 also saw record new ca-
           D pacity from solar, wind and other
            renewables worldwide. It’s mainly driven by solar
            PV in China and Europe as governments around
            the  world  take  advantage  of  renewables’  ener-
            gy security and climate benefits, according to
            the  IEA’s  latest  Renewable  Energy  Market  Up-
            date. 295GW of new renewable power capacity
            was added last year. That’s expected to rise to
            320GW this year. Although solar and wind instal-
            lation costs rose for the first time in many years
            due to pandemic-related supply issues, momen-  Global  capacity  additions  are  expected  to  rise
            tum was maintained because fossil prices have   this year to 320 gigawatts  – equivalent to an
            risen even faster. Annual additions in the EU   amount that would come close to meeting the
            jumped by almost 30% to 36GW in 2021, finally   entire electricity demand of Germany or match-
            exceeding the region’s previous record of 35GW   ing the European Union’s total electricity gener-
            set a decade ago. The prospects for 2023 now   ation  from natural  gas.   Solar PV  is on course
            depend on whether new and stronger policies   to account for 60% of global renewable power
            are introduced and implemented over the next   growth in 2022, followed by  wind  and  hydro-
            six months, says the IEA.                 power.
                                                      In the European Union, annual additions jumped
                                                      by almost 30% to 36 gigawatts in 2021, finally
            Record 295 GW renewable                   exceeding the bloc’s previous record of 35 giga-
                                                      watts set a decade ago. The additional renewa-
            capacity added in 2021                    bles capacity commissioned for 2022 and 2023
                                                      has the potential to significantly reduce the Euro-
            The world added a record 295 gigawatts of new   pean Union’s dependence on Russian gas in the
            renewable power capacity in 2021, overcoming   power sector. However, the actual contribution
            supply chain challenges, construction delays   will depend on the success of  parallel energy
            and high raw material prices, according to the   efficiency measures to keep the region’s energy
            IEA’s latest Renewable Energy Market Update.  demand in check.



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