By Business India Editorial

The global renewable energy generation capacity has grown 9 per cent more than what was at the end of 2021 (3,064GW), according to an International Renewable Energy Agency (IRENA) report.

IRENA’s 'Renewable Capacity Statistics 2022' report shows that hydropower had the largest share with 1,230GW, but solar and wind continued to dominate new generating capacity.

Together, both technologies contributed 88 per cent to the share of all new renewable capacity in 2021. Solar capacity led with a 19 per cent increase, followed by wind energy, which increased its generating capacity by 13 per cent, IRENA said.

Wind power grew by 93GW last year, compared with 111GW in 2020, the report said. Some 60 per cent of the new capacity in 2021 was added in Asia, resulting in a total of 1.46TW of renewable capacity by 2021.

China was the biggest contributor, adding 121GW to the continent’s new capacity. Europe and North America – led by the US – took second and third places respectively, with the former adding 39GW, and the latter 38GW.

Renewable energy capacity grew by 3.9 per cent in Africa and 3.3 per cent in Central America and the Caribbean.

Despite representing steady growth, the pace in both regions is much slower than the global average, indicating the need for stronger international cooperation to optimise electricity markets and drive massive investments in those regions, IRENA said.

RENA director-general Francesco La Camera said: “This continued progress is another testament of renewable energy’s resilience.

“Its strong performance last year represents more opportunities for countries to reap renewables’ multiple socio-economic benefits.

“However, despite the encouraging global trend, our new World Energy Transitions Outlook shows that the energy transition is far from being fast or widespread enough to avert the dire consequences of climate change.

“Our current energy crisis also adds to the evidence that the world can no longer rely on fossil fuels to meet its energy demand. Money directed to fossil fuel power plants yields unrewarding results, both for the survival of a nation and the planet. Renewable power should become the norm across the globe. We must mobilise the political will to accelerate the 1.5°C pathway,” it said.