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IEA Projects That The Capacity Of Renewable Sources Will Have A Record Increase Of 8%, With Solar Energy As The Main Driver Of This Expansion
According to estimates from IEA (International Energy Agency), the capacity of renewable energy sources worldwide is expected to achieve an unprecedented expansion of 8% in 2022 compared to the previous year, thereby surpassing, for the first time, the mark of 300 GW produced in a single year. In this sense, the main driver of the growth of renewable sources will be solar energy.
This can be explained by the fact that solar energy will account for about 60% of the total increase in the capacity of renewable sources, reaching its best performance in history, with the generation of 190 GW of energy and a 25% increase compared to 2021. According to IEA’s executive director, Faith Birol, this sector is becoming the new leader in global electricity markets. He believes that if governments and investors expand their clean energy policies, in conjunction with a sustainable development scenario, the expansion of solar and wind energy could be even greater, in addition to providing significant assistance in overcoming the global climate challenge.
According to IEA, the record growth of renewable sources can be attributed to the accelerated energy transition policies implemented by the European Union, China, and the United States, in addition to the natural scaling of renewables.
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Government Support And Subsidies Are Key Factors For Enabling The Expansion Of Clean Energy
In China, for example, the local government has invested in financial assistance for projects that promote clean energy, in order to eliminate carbon emissions in its municipalities. Furthermore, IEA stated that, after China, the European Union was the second largest market in terms of growth in the capacity of renewable sources, having been the first region to surpass the historic record in 2011.
The agency also highlighted that photovoltaic solar energy represented, on its own, the largest portion of growth last year due to the rapid development of projects in Spain, France, Poland, and Germany, having been propelled by a combination of government-led auctions and distributed photovoltaic solar incentives.
In the United States, in turn, the expansion of renewable sources, especially solar energy, is mainly due to investment tax credits, available until 2023/2024. According to the agency, such credits have enabled a relatively stable political environment, although the existence of logistical and supply chain challenges has interrupted a much faster growth.
It is also worth noting that, in addition to the mentioned locations, Brazil plays an important role in production of solar energy, as it has been included in the group of the 20 leading countries in installed solar energy capacity worldwide, with a production equivalent to approximately six thousand megawatts.
IEA Believes That Next Year, The Trend Will Be Stabilization Of Growth In Renewable Energy Sources
Regarding the continuation of growth in the coming years, IEA stated that unless new and more effective policies are adopted in 2023, the increases in global renewable energy capacity tend to remain stable compared to 2022.
However, even in the face of a stagnation scenario, the agency believes that solar energy should be the only source that will see an expansion, reaching the milestone of 200 GW. At the same time, the growth of wind energy and bioenergy is expected to remain stable, while electricity generation is projected to decrease by 40%.
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