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Renewables will break another global record in 2022 despite supply chain problems.

image credit: Credit: International Energy Agency
Tavise Morabia's picture
CoFounder/Sustainability Champion FREYJA Group

An internationally recognized sustainability champion, public speaker, and innovator. Entrepreneur-minded executive with over 15 years of proven results, as well as multiple award-winning global...

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  • May 13, 2022
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Despite soaring raw material prices, supply chain chaos, and construction delays - the world added a record 295 gigawatts (GW) of new renewable power capacity, according to the IEA’s latest Renewable Energy Market Update.

Global capacity expected to rise an additional 25 GW this year to 320 GW - equivalent to meeting entire electricity demand annually for Germany or EU’s total electricity generation from natural gas. 

Solar is on track to account for 60% of global renewable power growth in 2022, followed by wind and hydropower.

The European Union addition jumped by almost 30% to 36 gigawatts in 2021 and Europe’s renewable capacity is set to grow more in 2022 and 2023. 

Brussels aims to launch a “European Solar Rooftops Initiative” to help cut gas-fueled power and heating in domestic and commercial buildings and move away from Russian fossil fuels, according to a draft seen by Reuters, which is expected to be published next week. 

However, 2023 could see a plateau due to a 40% decline in hydropower expansion and little change in wind power additions. 

Researchers state  “new and stronger policies are needed globally to keep up the momentum.”

As for supply chain problems, renewables are still competitive, as fossil fuels prices rose faster. 

“Cutting red tape, accelerating permitting, and providing the right incentives for faster deployment of renewables are some of the most important actions governments can take to address today’s energy security and market challenges, while keeping alive the possibility of reaching our international climate goals”., said Faith Birol, IEA executive director.

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Jim Stack's picture
Jim Stack on May 17, 2022

Tavise, It's great to see such growth in renewable that is so sustainable. The Hydro should be fine since it is 24/7 and not much power is needed Off Peak at night. The Solar is normally greater than the daily needs. If they have Battery Storage it can all balance out to cover all the needs. 

Tavise Morabia's picture
Tavise Morabia on May 19, 2022

Hi Jim, this is wonderful insight. Thank you for sharing. I personally keep a running pro/con for each solution, as I understand it will be like a symphony of new resources and practices. 

Thankfully, the DOE just provided $505M in funding to advance long-duration energy storage for renewables. This should help expedite those needs. 

Wonderful insight. Thank you for sharing! 

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