03 Jan 2023
The future has never been brighter for renewable energy, as some of the snags that kept wind and solar production from going full throttle this year seem poised to ease.While site- and grid-permitting delays, inflation and supply-chain bottlenecks beset the creation and adoption of renewable energy this past year and will pose lingering hurdles, the global outlook is the most bullish yet for companies building wind and solar farms and those buying the power.Net additions of renewableelectricity rose to an estimated 352 gigawatts of capacity in 2022, up from 286 GW in the previous year, according to the International Energy Agency. The IEA boosted its five-year capacity expansion forecast by nearly 30% this year, its largest-ever annual increase, buoyed by supportive policies and a renewed appreciation for energy security. What is more, by early 2025, the IEA said it expects renewable energy to be the largest source of electricity in the global power mix, surpassing coal.
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