A record amount of renewable electricity was added to energy systems globally in 2021 but it remains about half of what is needed annually to be on track to reach net zero emissions by 2050, according to the International Energy Agency.
New renewable power capacity is forecast to reach 290 gigawatts this year, surpassing last year’s record of 280GW, said the IEA in its annual review of renewable energy. This compares with current fossil fuel and nuclear power capacity of 4,800GW.
However, higher commodity prices, which were driving up the cost of producing and transporting solar panels and wind turbines, threatened to undermine investments in the short term, the report said.
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