Where does the green transition lead: the future of renewable energy in the new conditions.

All-time high fossil energy prices and the escalating climate crisis mean the world needs cheap, affordable renewable energy (RES) more than ever. Nevertheless, new obstacles arise for their development – from the shortage of metals to the problems of energy storage. We understand how serious these problems are and whether there are available solutions for them.

The summer season of 2022 is not stable for global energy. Fossil fuel supplies are scarce, resource demand and energy costs have skyrocketed, according to a statement from the International Energy Agency (IEA). The worst, however, is probably yet to come.

The IEA’s warning isn’t just about dirty energy sources – renewable energy providers are also facing challenges. The cost of solar energy has doubled in the last year. The cost of building new ground wind farms – by 7%; and the cost of batteries – by more than 8%. As a result, the price of electricity from a new wind or solar project built today is back to 2019 levels. For the renewable energy market, such a rise in prices has become unprecedented, because the cost of “clean” energy from windmills and solar panels has been steadily declining over the past ten years.