Renewable Energy Outlook - Energy Transition Report (condensed version)

Renewable energy commitments were undoubtedly more ambitious globally in 2022 – as sustainable long-term energy sources and energy security were at the top of policy agendas world-wide.The European Union increased its 2030 renewables target from 40% to 45%, China’s 14th Five-year Plan is aiming to meet 39% of power generation from renewables in 2025, and in the US, renewable energy is set to boom with the Inflation Reduction Act which provides favorable incentives for renewables deployment. As such, renewable energy capacity build-up in 2022 – including wind, solar and storage covered in our Energy Transition Report this month – exceeded 400 GW as high energy prices resulted in favorable project economics.