Hasuna Al Tayyib (Abu Dhabi)
The sustainability of electricity supply around the world has faced many setbacks in the last year, but with government support and the ongoing energy crisis, the global renewable energy sector is poised for significant growth in the coming years.
Renewable energy around the world looks to promise an unprecedented future, with the obstacles that held back solar and wind generation disappearing in the last year.
While delays in site and grid approvals, as well as inflation and disruptions to supply chains, pose obstacles to the establishment and use of renewable energy through 2022, the global outlook is more optimistic for solar and wind energy companies. Who participates in the purchase of electricity.
According to the International Energy Agency, net additions of electricity generated from renewable sources increased to around 352 gigawatts in 2022 and 286 gigawatts in 2021.
The agency raised expectations for this year by nearly 30%, the highest forecast in its history, driven by supportive policies and new consumer confidence in the security of access to energy.
Furthermore, the agency expects renewable energy to be the largest source of electricity in the global energy mix by early 2025, surpassing coal, the Wall Street Journal reported.
There are many reasons behind the agency’s optimism, including the energy crisis caused by the Russia-Ukraine war, which encouraged European countries to increase renewable energy capacity to supply Russian oil and gas, as well as more favorable green policies. Energy in America and China, Europe and India.
Attention should be paid to solar and wind capacity additions and acquisitions, deals done and progress made in 2022, as well as projections for this year and beyond.
Solar energy used to generate electricity is still the cheapest option. As high commodity costs drive up electricity prices, solar panels are expected to overtake coal as the world’s largest source of electricity generation by 2027 and natural gas by 2026, according to the agency.
While the United States and India are making significant efforts to promote the adoption of solar energy, China is still ahead, with investments of around $90 billion between 2022 and 2027.
However, total investment by India and the United States in the solar energy sector is expected to reach around $25 billion between 2022 and 2027, seven times more than five years ago.
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Wind energy has grown relatively well over the past year, even as the sector struggles with inflation, allowing for the continued collapse of the supply chain and grid infrastructure. The International Energy Agency expects global wind power capacity to nearly double by 2027 compared to 2021, with offshore wind projects accounting for 20% of that growth.
The sector added about 12.6 gigawatts last year, up from 18 gigawatts added in 2020. Despite this stagnation, growth has been strong in 2022 as better weather and higher spending should support long-term stability.
Source: Al Ittihad
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