Renewable Energy Deployment Records: Did all Technologies Break Records in 2022?
“If I’d asked people what they wanted, they would have asked for a faster horse.” – This quote attributed to Henry Ford reflects the disruptive power of technology and innovation. In 2022, we observed a similar trend in the renewable energy sector, with deployment records being shattered. But did all renewable energy technologies break their deployment records in 2022?
Unprecedented Challenges and Opportunities in Renewable Energy
The International Energy Agency (IEA) had established the Renewable Energy Market Update in March 2020 to scrutinize the short-term implications of the unprecedented COVID-19 crisis on renewable energy. In 2022, the focus shifted towards the impacts of the severe global energy crisis, triggered by Russia’s invasion of Ukraine. In spite of the geopolitical tensions and the fragile global economy, renewable electricity capacity additions managed to set another record in 2022.
The State of Renewable Energy Deployment in 2022
However, did all renewable electricity technologies manage to break their deployment records in 2022? The answer is no. While overall renewable energy capacity additions escalated by nearly 13% to almost 340 GW in 2022, it was only solar photovoltaic (PV) technology that surpassed a record for annual capacity additions.
Solar PV: A Shining Star
In 2022, solar PV emerged as the undisputed leader, with net additions of nearly 220 GW – a striking 35% increase from 2021. This surge was mainly driven by expansions in China and the European Union, which alone accounted for over 85% of the growth in annual PV capacity additions. Interestingly, solar PV growth was recorded in all major markets except the United States, where it declined almost 15% due to supply chain hurdles and rising costs.
Hydropower: Riding the Waves
Hydropower did not break any records in 2022, yet it played a significant role in driving the overall growth of renewable energy. With the commissioning of multiple large projects, primarily in Asia, it was the second-largest contributor to record-level renewable energy expansion worldwide. Notably, the global hydropower capacity additions were the highest they’ve been since 2016, majorly due to continuous expansion in China.
Looking Ahead
The resilience of the renewable energy sector, especially amidst the global energy crisis, highlights its potential to be the backbone of the energy systems of the future. While not all technologies broke records in 2022, the sector as a whole demonstrated remarkable growth, with solar PV and hydropower leading the charge.
The coming years bring a blend of challenges and opportunities. How the sector navigates these will shape the renewable energy landscape for years to come. As the famous quote goes, we must continue to look for the automobile in a world that’s asking for faster horses.