Europe is Anticipated to Set a New Record in RE Capacity in 2022
Energy Business
Review |
Tuesday, July
19, 2022
The EU is leading to massive growth in renewable energy by accelerating global capacity additions as well as implementing strong policies.
FREMONT, CA: According to the Renewable Energy Market Update by the International Energy Agency (IEA), Europe is expected to set a new record in renewable energy capacity in 2022. The IEA’s press release stated that there will be a rise in the global capacity additions of 320 gigawatts this year. It would be equal to an amount that would satisfy all of Germany’s energy needs or equal to the European Union’s total natural gas-based electricity output. In 2022, solar PV is expected to account for 60 per cent of global power growth, followed by wind and hydropower.
In order to reduce dependence on Russia for gas supply, the EU has produced enough renewable capacity in 2022 and 2023. The IEA is insisting on a greater acceleration of growth in the EU than the expected amount to compensate for the US’ growth deceleration due to uncertainty over imports from China. However, the IEA is concerned about the changes in wind power and the decline in hydropower expansions that will occur in 2023. IEA recommends a strong policy being introduced for renewable power’s global growth.
Solar's growth in various countries is moving forward with the implementation of strong policies supporting large-scale projects. In the EU, rooftop solar installations by households and companies are ensuring a cost-effective environment for consumers.
Although wind energy possesses the possibility to become the pinnacle of sustainability, policymakers are causing more harm than good by creating complex restrictions. After recording high installations in 2020, the number fell by 32 per cent in 2021. However, the addition of onshore wind capacity indicates that the coming years may see a comeback. Meanwhile, new offshore wind capacity additions are expected to fall by 40 per cent globally in 2022. But global additions are still anticipated to be almost 80 per cent higher this year than in 2020, which is an estimated rise of 320 gigawatts.
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