L R AS Published on Tuesday 14 June 2022 - n° 408 - Categories:forecasts;
Doubling the world's renewable energy capacity in a decade?
According to Fitch, global renewable energy capacity will more than double over the decade. Non-hydro renewable energy production will more than double,
from 3,686 TWh in 2021 to 7,661 TWh in 2031, thanks to installed capacity more than doubling to 2.1 TW over the period.
However, these growth forecasts are insufficient to meet the net zero emission targets of the world's economies and will not achieve the required decarbonisation. Almost all major markets will fall short of their deployment targets. Only mainland China will meet its target of establishing an installed renewable capacity base of 1.2 TW by 2030, while other major markets such as the US, EU and India will not.
https://www.pv-tech.org/global-renewables-capacity-to-double-but-still-fall-well-short/
PV Tech of 9 June 2022
Editor's note Doubling in ten years means a cumulative annual rate of around 5%. Global capacity, on the other hand, is growing at a rate of 25% to 30% a year. Fitch's forecasts are wrong.
