PwC: Global renewable capacity growth set to hit record in 2022

The installed capacity of power plants based on renewable energy sources (RES) in 2022 will increase by 295 GW, which will be a record increase for the second year in a row, according to the World Economy Review 2022 by the international consulting company PwC.

The experts also noted that in 2022, a third of the global amount of electricity could be obtained using renewable sources, while coal consumption will continue to decline.

“Capacity projections suggest that the installed capacity of renewable power plants will increase by 295 gigawatts (GW) – a record figure for the second year in a row,” the study notes.

For renewable energy, 2022 could be another record year, experts say, as declining prices and the “global momentum” from the 26th United Nations Climate Change Conference (COP26) are pushing renewables to account for more than 30% of global production electricity.

The largest share in the increase in capacity in 2022 will come from solar and wind energy, especially in the US and China, following the review.

This will facilitate the transition to clean energy, taking into account the implementation of the commitments made at COP26 to phase out the use of coal and end international government support for fossil fuel energy without the use of technologies to reduce carbon dioxide emissions of 2022.

“We expect that discussions on renewable energy sources will address issues related to storage and transmission systems, which are one of the key elements in the process of increasing the resilience of energy networks,” PwC experts noted.