IEA Report | Renewables 2022
Renewables 2022 is the IEA’s primary analysis on the sector, based on current policies and market developments. It forecasts the deployment of renewable energy technologies in electricity, transport and heat to 2027 while also exploring key challenges to the industry and identifying barriers to faster growth.
The current global energy crisis brings both new opportunities and new challenges for renewable energy. Renewables 2022 provides analysis on the new policies introduced in response to the energy crisis. This year’s report frames current policy and market dynamics while placing the recent rise in energy prices and energy security challenges in context.
In addition to its detailed market analysis and forecasts, Renewables 2022 also examines key developments and trends for the sector, including the more ambitious renewable energy targets recently proposed by the European Union; the issue of windfall profits; the diversification of solar PV manufacturing; renewable capacity for hydrogen production; and a possible feedstock crunch in the biofuels industry and viable ways to avoid it.
The report sees emerging signs of diversification in global PV supply chains, with new policies in the United States and India expected to boost investment in solar manufacturing by as much as USD 25 billion over the 2022-2027 period. While China remains the dominant player, its share in global manufacturing capacity could decrease from 90% today to 75% by 2027.
Total global biofuel demand is set to expand by 22% over the 2022-2027 period. The United States, Canada, Brazil, Indonesia and India make up 80% of the expected global expansion in biofuel use, with all five countries having comprehensive policies to support growth.