Renewables growth to stall without new policies – IEA

Global capacity growth is accelerating this year but will lose momentum in 2023 unless governments offer more support, agency says

Global renewable power capacity is set for strong growth this year but will lose momentum in 2023 unless governments implement new, supportive policies over the next six months, according to the IEA’s latest Renewable Energy Market Update. Capacity is increasing this year at a much faster rate than expected, despite the twin headwinds of cost inflation and supply-chain bottlenecks, the IEA says. Total capacity additions in 2022 are on course to hit 320GW, driven by strong policy support in China, the EU and Latin America. In 2021, capacity additions were 295GW. However, based on existing policies, the amount of renewable power capacity added worldwide is expected to plateau in 2023 as conti

Welcome to the PE Media Network

PE Media Network publishes Petroleum Economist, Hydrogen Economist and Carbon Economist to form the only genuinely comprehensive intelligence service covering the global energy industry