Global renewable energy capacity to double in 5 years as CO2 emissions is on record levels

Global renewable energy capacity is expected to almost double and grow by 2,400 gigawatts (GW) over the 2022-2027 period, the International Energy Agency (IEA) said  new report on “Renewables 2022,” its annual report on the sector.

According to IEA, the global economy rebounded at record speed in 2021 from the COVID-19 pandemic, with GDP growth reaching 5.9%. As energy intensity improvements stalled, global energy demand increased by 5.4%. Surging energy demand was in part met by increased use of coal, resulting in a 1.9 gigatonnes (Gt) jump in emissions in 2021, the largest annual increase in global CO₂ emissions from the energy sector ever recorded.

New report showed that total CO₂ emissions from the energy sector to 36.6 Gt in 2021. Recent investment in fossil fuel infrastructure not included in the 2021 Net Zero Emissions by 2050 Scenario would result in 25 Gt of emissions if run to the end of its lifetime (around 5% of the remaining carbon budget for 1.5 °C). At the same time, 2021 also saw renewables-based electricity generation reach an all-time high, a record more than 500 terawatt-hours (TWh) above the level in 2020.