Renewable energy may usher in development opportunities, because the factors hindering the development of wind energy and solar energy are expected to ease. In the past year, site and grid licensing delays, inflation and supply chain bottlenecks have plagued the creation and adoption of renewable energy, and will pose lingering obstacles, but the global outlook is the most optimistic for companies building wind and solar farms and companies buying electricity.
According to the data of the International Energy Agency, the net new capacity of renewable energy generation in 2022 increased from 286 GW in the previous year to an estimated 352 GW. This year, IEA raised its five-year capacity expansion forecast by nearly 30%, which is the largest annual increase in history, thanks to supporting policies and re-recognition of energy security. More importantly, by the beginning of 2025, the International Energy Agency said that it expects renewable energy to become the largest power source in the global power structure, surpassing coal.
Promote the prospect of IEA to be more optimistic: First, the global energy crisis caused by Russia’s invasion of Ukraine has led European countries to try to build more renewable energy capacity in their territory to improve energy security and replace Russia’s fuel imports. Secondly, Europe, the United States, India and China have introduced more supportive renewable energy policies.
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