clean energy

IEA Expects New Records in Solar and Wind Power Investments

According to a report by the International Energy Agency (IEA), the growth of new capacities based on renewable energy sources and solar and wind power investments in 2022 will again reach a record level.

IEA also emphasized that renewable energy will break another world record in 2022 despite headwinds from high costs and supply chain challenges.

According to the IEA, in 2021, the global increase in new capacity based on renewable energy was 295 gigawatts, which was a record figure.

“Global capacity expansion is expected to be 320 gigawatts this year, which is equivalent to close to meeting all of Germany’s electricity demand, or in line with the European Union’s total electricity generation from natural gas,” the report says.

New RES-based capacities commissioned in 2022 and 2023, according to the agency, will help reduce the EU’s dependence on Russian gas. However, this contribution will also depend on energy efficiency measures to curb energy demand in the region.

At the same time, the IEA notes that the current increase in new capacity would be even faster if it were not for problems with supply chains. In particular, the cost of installing solar panels and building wind farms in 2022 and 2023 will remain higher than before the pandemic.

“While energy markets face a wide range of uncertainties, the increased focus of governments on energy security and affordability, especially in Europe, is giving new impetus to efforts to accelerate the implementation of energy efficiency solutions and renewable energy technologies,” the agency pointed out.