Despite the promise of a worldwide green recovery in the wake of the Covid-19 pandemic, this historic opportunity has been lost, says a report, but India ranked third globally for total renewable power capacity additions with 15.4 GW in 2021, following only China (136 GW) and the US (43 GW).

India is now the third-largest market in the world for new solar photovoltaics (PV) capacity and ranked fourth in the world for total solar energy installations (60.4 GW) by overtaking Germany at 59.2 GW and following China (305.9 GW), US (121.4 GW) and Japan (78 GW).

REN21's Renewables 2022 Global Status Report (GSR 2022) sends a clear warning that the global clean energy transition is not happening, making it unlikely that the world will be able to meet critical climate goals this decade.

While this growth has put India in an important position in terms of the generation of renewable energy, the report said that last year, aftershocks of the Covid-19 pandemic and a rise in commodity prices led to a disruption in renewable energy supply chains and delayed renewable energy projects.

Though there was a rebound in economic activity, the subsequent 4% increase in global energy demand was mostly met by fossil fuels, the report noted, resulting in record carbon dioxide emissions.

The second half of 2021 saw the beginning of the biggest energy crisis in modern history, exacerbated by the Russian Federation's invasion of Ukraine in early 2022 and unprecedented global commodity shock.

"Although many more governments committed to net-zero greenhouse gas emissions in 2021, the reality is that, in response to the energy crisis, most countries have gone back to seeking out new sources of fossil fuels and to burning even more coal, oil and natural gas," said Rana Adib, REN21 Executive Director.

The REN21’s Renewables 2022 Global Status Report (GSR) is the world’s only crowd-sourced report on renewable energy. It covers policies, markets, and much more, while telling the most up-to-date global story on renewable energy.

Image source: Hindustan Times