IEA: 25% Year-on-year Growth! In 2022, The World's Newly Installed Photovoltaic Capacity Will Reach 190GW!

According to a survey report released by the International Energy Agency recently, it is expected that in 2022, the new installed capacity of global renewable energy will increase by 8% and exceed the 300GW mark for the first time.

The new installed capacity of photovoltaic systems is expected to be 190GW, which will account for 60% of the global installed capacity of renewable energy this year, an increase of 25% compared with last year. Utility-scale PV systems will account for nearly two-thirds of the total installed capacity of all PV systems, driven by strong policy implementation in China and the EU.

Forecast for the development of the global renewable energy industry from 2022 to 2023.

Barring some new developments in policy in 2023, global renewable energy capacity additions are expected to maintain steady growth compared to 2022, according to the IEA report. Although the installed capacity of photovoltaic systems will continue to maintain an upward trend in 2023, reaching nearly 200GW, and wind power and bioenergy maintain steady growth.

The Russian-Ukrainian conflict highlights the need for a transition to clean energy to reduce reliance on imports of Russian fossil fuels, especially in the European Union.

Competitive government-led auctions of wind and PV systems in 2019 and 2020 remain a key driver of EU renewables expansion in 2023, the report noted.

Global auction volumes in the first quarter of 2022 were at their lowest level since 2016 due to higher commodity prices due to the conflict in Russia and Ukraine, higher investment costs for wind and photovoltaic systems, and delays for a variety of other reasons.

In an earlier report, the International Energy Agency noted that renewable energy is expected to account for 90% of the world's total new energy capacity additions in 2021 and 2022. The report predicts that around 280GW of renewable energy will come into operation in 2022.

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