Renewables growth to stall without new policies – IEA
Global capacity growth is accelerating this year but will lose momentum in 2023 unless governments offer more support, agency says
Global renewable power capacity is set for strong growth this year but will lose momentum in 2023 unless governments implement new, supportive policies over the next six months, according to the IEA’s latest Renewable Energy Market Update. Capacity is increasing this year at a much faster rate than expected, despite the twin headwinds of cost inflation and supply-chain bottlenecks, the IEA says. Total capacity additions in 2022 are on course to hit 320GW, driven by strong policy support in China, the EU and Latin America. In 2021, capacity additions were 295GW. However, based on existing policies, the amount of renewable power capacity added worldwide is expected to plateau in 2023 as conti
Also in this section
26 March 2024
Country has Europe’s largest CO₂ storage potential but regulatory and policy issues must be resolved to enable growth, says Offshore Energies UK
26 March 2024
Largest investment to date will support emission reduction projects across multiple sectors including refining, steel and cement
19 March 2024
Commodity trading companies are set for a key role in shaping green supply chains and providing carbon market liquidity
15 March 2024
Oil major explores potential expansion of Canadian project as investment in CCS gathers pace