Renewables and Grid
The clean energy transition advanced in 2022 with record investment and renewable capacity. Solar and wind power led growth, creating jobs and economic benefits. However, more renewable power is needed to reach net-zero by 2050, and grid infrastructure is also crucial.
In 2022 the World Made Significant Progress on Clean Energy Transition.
Despite the ongoing pandemic and the war in Ukraine. According to the International Energy Agency, investment in clean energy reached a record high of USD 1.7 trillion, up 15% from 2021.
One of the most significant developments in the clean energy transition in 2022 was the rapid growth of renewable energy. Renewable energy capacity additions reached a record high of 295 gigawatts, up 23% from 2021, according to the International Renewable Energy Agency. Solar and wind power accounted for most new renewable energy capacity additions. For example, China met 50% of its 2025 renewable energy target in 2023, according to state media outlet Xinhua. The Guardian notes that solar capacity in China is currently greater than the rest of the world combined.
The clean energy transition also has a positive impact on the economy and job creation. A recent report by IRENA and the International Labour Organization states that worldwide, the renewable energy sector employed over 12 million people in 2022, with that figure expected to grow in the coming years.
However, a substantial amount of additional effort is required to achieve net-zero emissions by 2050, a goal set by a growing number of countries. And it will take the work and involvement of governments, businesses, and individuals to accelerate the clean energy transition.
While diversification is key to scaling up power generation globally, the need for grid infrastructure, both transmission and distribution, is equally critical.