DodoFinance Breaking News Made For You!
Global renewable energy capacity is expected to increase by 440 gigawatts this year. This is the biggest growth ever, the Energy Agency IEA said on Thursday. The acceleration in growth is partly due to subsidies, higher prices for fossil energy and Russia turning off the gas pipeline.
By the end of this year, the IEA estimates that global solar and wind capacity will reach 4,500 gigawatts. It has combined the total energy capacity of the United States and China.
India, China, and the United States, among others, are adding a lot of new capacity relative to the low availability of Russian energy, as is Europe. Renewable energy is considered an important alternative.
The strongest growth is in China. The country accounts for more than half of all new renewable energy projects this year and next.
Especially the use of solar panels is increasing. Two-thirds of the global renewable capacity additions this year will come from solar power. The reason, among others, is the high cost of electricity, which means many consumers are installing solar panels on their roofs to save money.
Wind power is a bit slower
The production of solar panels is also going well, the IEA said. Global potential for manufacturing solar panels is expected to grow rapidly in the coming years, enough to meet sustainability targets by 2030.
This is not the case for wind energy. It is true that many wind turbines will be installed this year, but when it comes to building wind turbines, manufacturers face high purchase prices and logistical problems. The IEA advises governments to allocate additional funds for the production of wind turbines to make them profitable.
“Explorer. Devoted travel specialist. Web expert. Organizer. Social media geek. Coffee enthusiast. Extreme troublemaker. Food trailblazer. Total bacon buff.”
