Another renewables installation record forecast for 2022, but higher costs to linger

A record 295 GW of new renewables capacity was installed globally in 2021 and the International Energy Agency (IEA) is forecasting that installations will rise to about 320 GW this year, despite elevated costs for both solar photovoltaic (PV) and wind. Solar PV is forecast to account for 60% of the 2022 increase, with the commissioning of 190 GW, which would represent a 25% year-on-year gain. The technology is also on course to reach yearly installations of 200 GW in 2023.