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Global wind energy sector needs four-fold higher growth to meet 2050 Net Zero goal: Report
Context
According to a new report, wind energy installations every year across the world must quadruple from the 94 GW installed in 2021 within this decade to meet the global climate targets.
About
Findings of New study:
- According to Global Wind Report for 2022published by the Global Wind Energy Council (GWEC), new offshore installations in 2022 are likely to decline to the 2019 / 2020 levels, primarily due to the reduction of installations in China.
- However, market growth is expected to regain momentum from 2023, eventually passing the 30GW-mark in 2026.
- New installations of 6 gigawatt (GW) in 2021 brought global cumulative wind energy capacity to 837 GW, a year-on-year (YoY) growth of 12 per cent.
- In India, more than 1.4 GW of wind was installed in 2021, exceeding the 1.1 GW of installations during the previous year.
- Global Impediments:
- The global onshore wind market added 72.5 GW in 2021, the report stated. But the world’s two largest markets, China and the United States, failed to install new onshore capacity last year.
- Europe, South America, Africa and West Asia increased their onshore wind installations by 19 per cent, 23 per cent and 120 per cent
Challenges to growth
The wind energy sector continues to face considerable barriers to growth, the report revealed. These barriers include:
- Inconsistent policy environments focused on short-term political aims
- Badly designed markets which do not enable bankable renewable energy projects
- Infrastructure and transmission bottlenecks
- A lack of adequate industrial and trade policies related to renewable technologies Hostile political or misinformation campaigns.
Scope in India
- The Union Ministry of New and Renewable Energy (MNRE) have set a target of installing 5 GW of offshore capacity by 2022 and 30 GW by 2030.
- India is yet to develop its offshore wind energy facility.
- India can generate 127 GW of offshore wind energy with its 7,600 km of coastline, according to the MNRE.
- Onshore wind energy refers to turbines that are located on land and use wind to generate electricity. Offshore wind energy is the energy generated from the wind at sea.
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