According to the International Renewable Energy Agency, the world will install a record 295 GW of new renewable energy capacity in 2022, an increase of almost 10% from the previous year. In its Renewable Energy Capacity Statistics 2023 report, the Abu Dhabi-based body said 83% of all new capacity additions in 2022 will come from renewable sources.

This continued record growth demonstrates the resilience of renewable energy in the face of a lingering energy crisis, said Irena Director General Francesco La Camera. A strong business case for renewable energy, coupled with enabling policies, has kept its share of the global energy mix on an upward trend year-on-year. But if we want to stay on track to limit global warming to 1.5°C, new renewable energy capacity added each year to 2030 must be three times higher than current levels.

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Nearly half of all new renewable energy generation capacity in 2022 will be established in Asia, leading to a total installed renewable energy capacity of 1.63TW. China is the world's largest manufacturer of solar equipment, adding 141 GW of installed capacity to the continent.

In Europe and North America, renewables grew by 57.3 GW and 29.1 GW, respectively, according to Irena. Africa also experienced solid growth, adding 2.7 GW, slightly higher than the previous year. Oceania continued to experience significant growth, adding 5.2 GW, and South America added 18.2 GW of capacity. Meanwhile, the Middle East saw record growth in renewable energy capacity last year, with 3.2 GW of new capacity commissioned, an increase of 12.8%, the agency said. With energy demand projected to rise in many regions, the energy transition needs to change step by step, going beyond supply-side decarbonisation. Given recent global events, any expansion of new non-renewable energy capacity must be linked to efforts to accelerate the energy transition to make the system more resilient, inclusive and climate resilient.

While hydropower has the highest share of renewable energy generation globally at 1,250 GW, new installations are dominated by solar and wind, Irena said. Solar and wind account for 90% of the total new renewable energy capacity added in 2022, the report said. Solar generated the largest increase in generation, up 22%, followed by wind, up 9%.

The IEA said in its World Energy Outlook in 2022 that investment in renewable energy would need to double to more than $4 trillion by the end of the decade to meet its net-zero emissions target by 2050. The IEA's Stated Policy Scenario, based on the latest global policy settings, expects clean energy investment to rise to just over $2 trillion by 2030.Editor/XingWentao