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Global renewables capacity forecast revised upwards - IEA

Economy Materials 9 June 2022 16:15 (UTC +04:00)
Global renewables capacity forecast revised upwards - IEA
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, June 9. Global renewable energy capacity is forecast to increase over 8 percent in 2022, compared to 2021, to almost 320 GW, Trend reports via the Renewable Energy Market Update 2022 from the International Energy Agency (IEA).

The strong policy towards renewables deployment of China, the EU, and Latin America, enabled to revise the forecast upwards, despite downwards forecast for the US, the Agency noted.

Out of total renewable energy capacity, solar PV is expected to account for 60 percent (190 GW) in the current year, which is an increase of 25 percent, compared to 2021.

“Utility-scale projects account for almost two-thirds of overall PV expansion in 2022, mostly driven by a strong policy environment in China and the EU driving faster deployment,” the report said.

Meanwhile, after declining by 32 percent year-on-year in 2021, global onshore wind installations are predicted to recover slightly in 2022, reaching almost 80 GW.

“Offshore wind growth worldwide is expected to decline 40 percent in 2022 following the exceptional four-fold jump last year in China due to the national subsidy phase-out deadline,” the Agency noted.

According to IEA, despite the decline, offshore wind capacity will still double compared to 2020. “As a result, China is expected to have the largest cumulative installed offshore wind capacity globally and surpass the European Union and United Kingdom combined by the end of this year,” the report added.

“Unless new and stronger policies are implemented in 2023, global renewable capacity additions are expected to remain stable compared with 2022. While solar PV is forecast to break another record in 2023, reaching almost 200 GW, and with the expansion of wind and bioenergy remaining stable, 40 percent lower hydropower additions due to a reduced project pipeline in China stymies capacity growth in the global renewable energy market,” the report concluded.

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