The Strategist

Experts wait for record increase in global renewable energy capacity

01/27/2022 - 09:08

Installed capacity of renewable energy (RE) power plants will increase by 295 GW in 2022, marking a record second consecutive year of growth, according to the World Economic Outlook 2022 by international consultancy PwC.

Maggie Chou
Maggie Chou
Experts noted that in 2022 a third of the world's electricity could come from renewable sources, while coal consumption will continue to decline.

"Capacity projections suggest that the installed capacity of renewable power plants will increase by 295 gigawatts (GW) - a record for the second consecutive year," the study said.

For renewables power, 2022 could be another record year, experts said, as falling prices and the "global momentum" from the 26th UN Climate Change Conference (COP26) encourage renewables to account for more than 30% of global electricity output.

Solar power and wind power will account for the largest share of capacity additions in 2022, especially in the US and China, the survey suggests. It notes that this will ease the transition to clean energy, given the COP26 commitments to phase out coal and end international government support for fossil-fuelled energy without carbon dioxide abatement technologies by the end of 2022.