IEA

The growth of the world’s capacity to generate power from solar panels, wind turbines, and other renewable technologies is accelerating. With India projected to come out on top in terms of the pace of growth, doubling new installations compared to 2015-2020. According to the International Energy Agency (IEA), the year 2022 is predicted to set a new all-time high for new installations.

According to the latest edition of the International Energy Agency’s annual Renewables Market Report, despite rising costs of key materials used to make solar panels and wind turbines, the addition of new renewable power capacity this year raised to 290 gigawatts (GW) in 2021, suppressed the previous all-time high set last year.

World renewable electricity capacity is expected to increase by more than 60% from 2020 levels to over 800 GW by 2026, which is equal to the current total global power capacity of fossil fuels and nuclear combined.

Renewables are expected to account for about 95% of the increase in worldwide power capacity by 2026, with solar PV accounting for more than half of it. Between 2021 and 2026, the amount of renewable capacity added is predicted to be 50% more than between 2015 and 2020.

Stronger government regulations and more ambitious renewable energy goals established before and during the COP26 Climate Change Conference are driving this trend. “This year’s 290GW additions of renewable electricity are yet another indicator that a new global energy economy is forming,” stated IEA Executive Director Fatih Birol.

“While today’s high commodity and energy costs present new hurdles for the renewable energy industry, higher fossil fuel prices make renewables even more competitive.” In comparison to the 2015-2020 period, renewable energy growth is expected to increase in all regions.

China continues to dominate the world in new capacity additions, with 1,200 GW of total wind and solar capacity planned in 2026, four years ahead of its current target of 2030.

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