Record growth still not enough

EnergyAccording to the International Energy Agency (IEA), about 290 GW of new renewable energy generation capacity, mostly in the form of wind turbines and solar panels, was installed around the world in 2021, beating the record set in 2020. The Renewables Market Report predicts renewable energy generating capacity will jump to 4,800 GW by 2026, exceeding that of fossil fuels and nuclear energy combined by 2026.

However, the agency says the 2021 record level growth is still far short of what is necessary to achieve net zero carbon emissions by mid-century.

Meanwhile, the U.S. Energy Information Administration’s Short-Term Energy Outlook shows coal-fired electricity generation is estimated to increase this year for the first time since 2014, mainly due to rising natural gas prices.