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This will be a record increase for the second year in a row, according to the 2022 World Economy Review by international consulting company PwC. Its experts noted that in 2022, a third of the global electricity volume can be obtained using renewable sources. Moreover, coal consumption will continue to decline.
This year could become another record year for the global renewable energy industry, according to PwC. Falling prices and the “global momentum” from the 26th United Nations Climate Change Conference (COP26) are driving renewables to account for more than 30% of global electricity production.
Solar farms and wind farms will account for the largest share of capacity growth in 2022, especially in the US and China. The review notes that this will facilitate the transition to clean energy. Especially given the fulfillment of the commitments made at COP26 to phase out the use of coal. And also on the termination by the end of 2022 of international government support for energy that runs on fossil fuels without the use of technologies to reduce CO2 emissions.
Renewable energy also set a record last yearRecall that, according to Rystad Energy, the growth rate of renewable energy in 2021 also reached a record value. “New installed capacity amounted to 227 GW. This is 4.7% higher than in 2020,” the agency’s experts say. At the same time, a noticeable increase in announcements about the launch of projects in the field of solar energy was recorded. The number of solar farms has reached an all-time high, tripling. At the same time, the capacity of wind farms doubled last year.
Also, according to Rystad, the launch of hydrogen projects with a total capacity of 245 GW was announced in 2021. This is six times more than in 2020. Most of them belong to local clusters, such as in Mauritania and Kazakhstan, Rystad specifies. It is worth noting that in 2020, renewable energy became the only energy sector that showed growth. The overall decline in primary energy consumption in the world amounted to 4.5% and was the largest since the Second World War.
At the same time, global consumption of renewable energy increased by 9.7%. This is slightly less than a year earlier, when the demand for renewable energy increased by 12.2%. But last year’s increase is still remarkable, given how badly the pandemic has affected overall energy demand.
Over the past decade, the consumption of RES energy has grown by an average of 13.4% per year. Renewables were the only energy category to grow in double digits globally during this period. By comparison, 9.6 exajoules of renewable energy was consumed globally in 2010. In 2020, this figure tripled to 31.7 exajoules.