The Russo-Ukrainian war has plunged the world into an energy crisis. To mitigate the impact of international energy prices, renewable energy is rapidly expanding. According to the International Energy Agency (IEA)'s recently released "Renewables 2022" report, global renewable energy installed capacity is expected to nearly double over the next five years, surpassing coal to become the largest source of electricity. This trend will also help limit global warming to 1.5°C.
To break free from dependence on fossil fuels, countries are accelerating the deployment of renewable energy. With support from policies and investment, the IEA estimates that the amount of renewable energy deployment that once took 20 years could be completed in just five years.
The IEA estimates that global renewable energy installed capacity will grow by 2,400 gigawatts (GW) between 2022 and 2027, equivalent to China's total installed capacity. Renewable energy accounts for over 90% of this five-year electricity expansion plan. By early 2025, renewable energy is projected to surpass coal as the world's largest source of electricity.
"The Ukrainian war is a key point in the development of renewable energy in Europe." The IEA predicts that the new renewable energy construction in Europe in the next five years (2022-2027) will be twice the increase in the past five years.
China, the United States, and India also saw significant growth. The IEA noted that China's new renewable energy capacity over the next five years will account for approximately half of the world's new capacity. The passage of the Inflation Reduction Act in the United States this year will also support the long-term development of renewable energy.
Large-scale photovoltaic and onshore wind power, with their lower costs, have become the primary options for developing green energy in various countries. Global solar photovoltaic power generation is projected to nearly triple between 2022 and 2027, surpassing coal-fired power. Wind power will also nearly double during the same period, with one-fifth of this growth occurring in offshore wind power.
Although the scale of rooftop photovoltaics is small, the IEA specifically pointed out that in order to reduce electricity bills, the installation of solar photovoltaics on rooftops by households and businesses will expand rapidly.
War risks disrupting global supply chains, including renewable energy. Both the United States and India plan to increase investment in photovoltaics, with a projected $25 billion invested in the manufacturing sector between 2022 and 2027. China's share of photovoltaic manufacturing is projected to drop from 90% to 75%, maintaining its dominant position.
Source: Environmental Information Center (https://e-info.org.tw/node/235683)
