A Look At The Progress In Renewable Energy Sector In 2022

Think tank REN21 has released a report on the state of the renewable energy sector in 2022. Despite the pandemic’s aftereffects and a surge in global commodity prices, that led to a disruption in the supply chains for renewable energy and caused delays in projects, renewables saw yet another year of record growth in terms of power capacity. Energy prices rapidly witnessed an increase in late 2021, and as the Russian Federation’s invasion of Ukraine progressed in early 2022, discussions turned towards the role of renewables in enhancing energy security and sovereignty by replacing fossil fuels.

With a record growth in global electricity output, investment in renewable energy and fuels surged for the fourth year in a row and achieved USD 366 billion. In a first, solar and wind power accounted for more than 10% of the world’s electricity. Following market declines in 2020, solar thermal and biofuels experienced strong market recoveries, which boosted the prognosis for renewables in heating and transportation. Increased usage of renewable electricity in these industries is partly a result of stronger legislative pledges and the quick rise in sales of electric vehicles and heat pumps.