RIYADH: Renewable power is set to hit a record in 2022, amid increased capacity for generating electricity from wind, solar, and other renewable sources across the globe, according to a statement by the International Energy Agency.
The growth in capacity is mainly attributed to photovoltaic energy in China and Europe respectively, despite the rallying energy prices and global supply chain constraints.
Globally, 295 gigawatts of new renewable power capacity was added in 2021. This number is projected to reach 320 GW in 2022.
Solar photovoltaic alone is expected to account for 60 percent of global renewable power growth during the year, followed by wind and hydropower, respectively.
“Energy market developments in recent months – especially in Europe – have proven once again the essential role of renewables in improving energy security, in addition to their well-established effectiveness at reducing emissions,” the statement said, citing Executive Director Fatih Birol.
In line with global climate related targets, governments are cutting red tape and providing more incentives to facilitate renewables deployment and ensure energy security amid market challenges, Birol added.