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Renewable energy achieved 9.6% growth despite energy crisis, set record high

By the end of 2022, the global installed capacity of renewable energy power generation has reached 3,372 GW, and the renewable energy stock has increased by 9.6% (295 GW). Last year, 83% of all new installed power generation capacity came from renewable energy.

Renewable energy achieved 9.6% growth despite energy crisis, set record high

The report “Renewable Capacity Statistics 2023” released by the International Renewable Energy Agency (IRENA) shows that despite various uncertainties in the global situation, the installed capacity of renewable energy power generation is still growing at a record level, while fossil energy power generation is on a downward trend.

Francesco La Camera, Director-General of the IRENA, said, “The new record in installed capacity demonstrates the resilience of renewable energy in the ongoing energy crisis. Strong business case and relevant supportive policies have enabled the proportion of renewable energy in the global energy structure to continue to rise year by year. However, if the global temperature rise is to be controlled within 1.5 degrees Celsius, by 2030, the annual installed capacity of renewable energy must reach three times the current level,” added Camera.

Although many countries achieved growth in renewable energy installed capacity in 2022, new installed capacity is still mainly concentrated in a few countries and regions such as Asia, the United States, and several countries in Europe. According to IRENA, by the end of 2022, the total renewable energy installation in the world will reach 1.63 TW, while almost half were in Asia, and China has the largest contribution with 141 GW.

The number in Europe and North America also increased by 57.3 GW and 29.1 GW respectively. Africa continues to grow steadily, with newly installed capacity of 2.7 GW, slightly higher than the previous year. Oceania maintains a double-digit growth rate, with 5.2 GW of new installation, while South America maintains an upward trend, with 18.2 GW. The newly installed capacity of renewable energy in the Middle East hit a historical record, 3.2 GW in 2022, a year-on-year increase of 12.8%.

“The energy demand in many regions of the world is expected to increase, and the energy transformation urgently requires phased progress to achieve strategic transformation, not just carbon reduction at the supply side. The newly installed capacity of non renewable energy due to current global events must be linked to efforts to accelerate the energy transformation, in order to increase the resilience, inclusiveness, and ability of the entire system to respond to climate change,” added Camera.

Although hydropower accounts for the largest share of the world’s total renewable energy installed capacity, reaching 1,250 GW, new capacity mainly comes from solar and wind energy. In 2022, these two technologies contributed 90% of the world’s new capacity. Solar installed capacity led the way with a growth rate of 22%, followed by wind power, which increased its installed capacity by 9%.

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