View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Tech
  2. Renewables
6 April 2022

Wind installations must quadruple for net zero – GWEC

The year 2021 was the second-best on record for global wind industry growth, but annual capacity additions need to quadruple by 2030 to meet climate targets, suggests a new report.

By Energy Monitor Staff

The global wind industry saw nearly 94GW of new installed capacity in 2021, its second-best year for growth after 2020, reported the Global Wind Energy Council (GWEC) on 4 April.

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

Yet despite wind installations hitting an all-time high in Europe, Latin America, Africa and the Middle East, its annual report warns that progress needs to increase fourfold by 2030 if the world is to meet its net-zero ambitions.

A group of wind turbines

Description automatically generated with low confidence
Wind turbines on a hilly landscape. (Photo by Space Kraft via Shutterstock)

The year 2021 was a record one for offshore wind growth, with 80% of it coming from a boom in China.

The report highlights that at current installation rates, less than two-thirds of the wind energy required for a 1.5°C-compliant pathway will be available by 2030. GWEC suggests that major advancements in policy are necessary to ramp-up renewables growth.

“The events of the last year, which has seen economies and consumers exposed to extreme fossil fuel volatility and high prices around the world, are a symptom of a hesitant and disorderly energy transition,” said Ben Backwell, the CEO of GWEC at the report’s launch.

Russia’s invasion of Ukraine has exposed the implications of dependency on fossil fuel imports for energy security […] The last 12 months should serve as a huge wake-up call that we need to move decisively forward and switch to 21st-century energy systems based on renewables.”

Some key takeaways in the report are that red tape must be cut, unprecedented grid investment is needed to keep pace with the roll-out of renewables, and the wind industry has a primary role in delivering a just and equitable energy transition.

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

Topics in this article: ,
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. Keep up with the global energy transition with one of our editors bringing you the best of our data-led news and analysis every Monday and Thursday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Energy Monitor