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IEA: Energy investment is expected to grow by 8% in 2022, nearly half from high costs

IEA: Energy investment is expected to grow by 8% in 2022, nearly half from high costs

26-08-2022

-------Reprinted from Cable Network

According to the World Energy Investment Report 2022 released by the International Energy Agency, global energy investment will grow by 8% in 2022 to reach US$2.4 trillion, with the growth expected to come mainly from clean energy.

However, nearly half of the additional $200 billion in capital investment in 2022 is likely to be consumed by higher costs rather than resulting in additional energy supply capacity or savings.

Cable

Clean energy investment could exceed $2.4 trillion by 2022, accounting for nearly three-quarters of overall energy investment growth. In the five years since the Paris Agreement was signed in 2015, annual growth in clean energy investment has been just over 2%. But since 2020, growth has accelerated significantly to 12%.

In 2022, investment in battery storage is expected to hit a new high, possibly doubling to

nearly $20 billion, the IEA said. This is driven by grid-scale deployment, which accounts for more than 70% of total spending in 2021. The project pipeline is huge, with China and the U.S. targeting about 30 GW of non-hydro storage capacity by 2025, and more than 20 GW of grid-scale projects planned or under construction in the U.S.

According to the IEA, new renewable energy capacity additions are expected to grow by 8% in 2022 and cross the 300 GW mark for the first time. Solar is expected to account for 60% of global renewable capacity additions this year, with 190 gigawatts of new capacity added, a 25% increase from last year.

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