Renewable power generation growing faster than demand in 2022: IEA

The International Energy Agency (IEA) has said that renewable power generation is growing faster than demand in 2022, owing to significant gains in capacity expansion. The statement from the IEA says, “Strong capacity additions are set to push up global renewable power generation by more than 10% in 2022, displacing some fossil fuel generation. Despite nuclear’s 3% decline, low-carbon generation is set to rise by 7% overall, leading to a 1% drop in total fossil fuel-based generation. As a result, carbon dioxide (CO2) emissions from the global electricity sector are set to decline in 2022 from the all-time high they reached in 2021, albeit by less than 1%”. However, the IEA’s statement also warned that the ongoing energy crisis has led some countries, particularly in Europe to look to coal as a source of energy security.