Global renewable energy development momentum is strong

The International Energy Agency recently released the "renewable Energy Market Update" report believes that due to policy support, rising fossil fuel prices, solar and wind power generation projects are actively promoted, it is expected that the global installed capacity of renewable energy will increase by one-third this year, and the global renewable energy generation will continue to grow next year. Based on this trend, the world is expected to have enough solar photovoltaic manufacturing capacity by 2030.

Photovoltaic and wind power will achieve double growth

The first volume of the World Energy Transition Outlook 2023 released by the International Renewable Energy Agency shows that the installed global renewable energy capacity in 2022 has increased by a record 300 gigawatts. Fatih Birol, executive director of the International Energy Agency, said that the world is expected to add a record number of new renewable energy generation this year. Among them, solar and wind are leading the rapid growth of the global renewable energy economy.

The International Energy Agency predicts that $380 billion will be invested in solar energy this year, surpassing investment in oil for the first time. New PV capacity will account for two-thirds of new renewable energy capacity this year. It is expected that the manufacturing capacity of the photovoltaic industry will more than double to 1000 GW by 2024. In addition to the construction of large-scale photovoltaic power plants in many regions of the world, small photovoltaic power generation systems are also increasing rapidly. The report also predicts that global wind power generation will rebound sharply this year, growing by about 70% year on year, as wind power projects delayed during the coronavirus outbreak begin to advance one after another. Fatih Birol said that the cost of renewable energy generation such as solar and wind power is getting lower and lower, and more and more countries realize that the development of renewable energy is not only conducive to combating climate change, but also provides an important solution to solve energy security issues.

The International Energy Agency report predicts that the total global renewable energy capacity will continue to grow next year, reaching 4,500 gigawatts. Irena Director General Francesco La Camera stressed that the world must add an average of 1,000 gigawatts of new renewable energy capacity per year by 2030, and significantly increase the number of terminals directly using renewable energy to meet the ambitious climate targets.

Many countries continue to increase investment

Globally, the green and low-carbon transition continues to inject new momentum into world economic development. Countries pay more and more attention to and continue to increase investment in the field of renewable energy, and the growth momentum in related fields is obvious.

According to the Federal Network Agency, Germany's energy regulator, more than 2.6 GW of new PV capacity was installed in the first quarter of this year. As of the end of January this year, the cumulative installed photovoltaic capacity reached 68.2 GW. The German Federal Ministry of Economy and Climate Protection has developed a 2023 strategy for the development of the photovoltaic industry to ensure that the targets set by the Renewable Energy Act are met. The German government has proposed that it plans to increase the installed photovoltaic capacity to 215 GW by 2030.

Brazil has introduced a number of initiatives to encourage the development of renewable energy. Brazil's National Development Bank provides special low-interest loans for wind projects. The government also plans to install rooftop photovoltaics in schools, public health centers, and homes for low-income groups to facilitate access to low-cost renewable energy. According to data released by the Brazilian Chamber of Electricity Traders, the average monthly electricity generation in Brazil will increase to about 67,000 MWH in 2022. Among them, the proportion of renewable energy generation reached 92%, nearly 62,000 megawatt hours, a record high in the past decade.

Vietnam also regards the development of renewable energy as an important way of the country's green transformation. In 2021, the country approved a national strategy for green growth towards 2050. According to the strategy, during 2021-2025, Vietnam will increase the share of renewable energy in its total primary energy supply to 15-20%; By 2050, the share of renewable energy in total primary energy supply should be increased to 25-30%.

The South African government established the South African Presidency's Climate Council in 2020 to advise on issues such as the energy transition. The commission recently said that solar and wind will increase the share of South Africa's energy mix from 7% to 40% by 2030, which is the fastest route out of the electricity crisis and the most economical option to meet its climate commitments.

According to the "Africa Energy Outlook 2022" report released by the International Energy Agency, Africa has 60% of the world's solar energy resources, and renewable energy such as wind, geothermal and hydropower is also very rich. The United Nations Economic Commission for Africa believes that electricity supply is an urgent challenge in Africa, and the development of renewable energy can be used to partially meet the continent's rapidly growing electricity demand.