Friday, June 21, 2024
HomeRenewablesRecord growth in renewables despite energy crisis, IRENA says
Powered by

Record growth in renewables despite energy crisis, IRENA says

By the end of 2022, global renewable generation capacity amounted to 3,372 gigawatts (GW), growing the stock of renewable power by a record 295 GW or by 9.6 per cent, according to the International Renewable Energy Agency (IRENA). An impressive 83 per cent of all power capacity added last year was produced by renewables.

The Renewable Capacity Statistics 2023 report shows that renewable energy continues to grow at record levels despite global uncertainties, confirming the downward trend of fossil-fueled power generation.

“This continued record growth shows the resilience of renewable energy amidst the lingering energy crisis”, IRENA’s Director-General Francesco La Camera said. “The strong business case of renewables coupled with enabling policies has sustained an upward trend of their share in the global energy mix year on year. But annual additions of renewable power capacity must grow three times the current level by 2030 if we want to stay on a pathway limiting global warming to 1.5°C.”

While many countries increased their renewable capacity in 2022, the significant growth of renewables is persistently concentrated in a few countries and regions like Asia, the USA and Europe. IRENA’s data finds that almost half of all new capacity in 2022 was added in Asia, resulting in a total of 1.63 terawatts (TW) of renewable capacity by 2022. China was the biggest contributor, adding 141 GW to the continent’s new capacity. Renewables in Europe and North America grew by 57.3 GW and 29.1 GW respectively.

“As energy demand is expected to rise in many regions of the world, the energy transition requires a step-change that delivers a strategic shift beyond the decarbonisation of the supply side”, Mr La Camera added. “Any expansion of new non-renewables capacity in light of recent global events must be connected to efforts to accelerate the energy transition to make the system more resilient, inclusive and climate-proof.”

Although hydropower accounted for the largest share of the global total renewable generation capacity with 1,250 GW, solar and wind continued to dominate new generating capacity. Together, both technologies contributed 90 per cent to the share of all new renewable capacity in 2022. Solar capacity led with a 22 per cent increase, followed by wind energy, which increased its generating capacity by 9 per cent.

Sign up for our newsletters

    Monthly newsletter – Delivering the most important energy stories of the month selected by our Editor-in-chief
    Weekly Oil&Gas roundup - All major news about the oil and gas industry, LNG developments, the upscaling of new gases and related EU regulations arriving in your mailbox every Monday.
    Weekly Renewables&Climate roundup - All major news about investments in renewable energy sources, environment protection, green hydrogen and new innovative ways to tackle the climate crisis arriving in your mailbox every Tuesday.

    Most Popular