Record New Renewables Capacity Helping Europe’s Energy Security Bid – IEA

A record 295 gigawatts of new renewable power capacity was added globally in 2021, according to the International Energy Agency’s latest Renewable Energy Market Update, which predicts a further increase of 320 GW this year, 60% of which will be from solar PV. Annual additions in the European Union leapt by almost 30% to 36 GW in 2021, exceeding a decade-old record. Renewables capacity commissioned for 2022 and 2023 has the potential to “significantly reduce” European dependence on Russian gas, said the IEA. The European Commission is due to publish an updated energy security strategy later this month. “Cutting red tape, accelerating permitting and providing the right incentives for faster deployment of renewables are some of the most important actions governments can take,” said IEA Executive Director Fatih Birol. Separately, the World Economic Forum published a special report on the global energy transition which emphasised the need for urgent action by both private and public sectors to ensure a resilient transition in the face of “the most severe energy crisis since the 1970s”.

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