According to the report, 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.
Global hydropower capacity is set to increase by 17%, or 230 GW, between 2021 and 2030. However, net capacity additions over this period are forecast to decrease by 23% compared with the previous decade.
Between now and 2030, USD 127 billion – or almost one-quarter of global hydropower investment – will be spent on modernising ageing plants, mostly in advanced economies. Work on existing infrastructure – such as the replacement, upgrade or addition of turbines – will account for almost 45% of all hydropower capacity installed globally over the period.
The unparalleled decline is staggering in both its scale and swiftness, with serious potential implications for energy security and clean energy transitions. At the start of 2020, global energy investment was on track for growth of around 2 per cent, which would have been the largest annual rise in spending in six years.
The International Energy Agency (IEA) in its monthly brief, report that mobility still remains limited for many citizens, businesses are starting to reopen gradually and people are returning to work, which will provide a boost to oil demand.
Dr Frank Sebbowa, a former Chief Executive Officer, in an interview expressed doubt on Ugandas ability to meet the National Development Plan aspirations. He noted the fact that power generation in the country is likely to double from the current 825 MW to 1757 by 2020.
IRENA estimates that with the right enabling policies, Africa could be home to more than 70 gigawatts of solar PV capacity by 2030. The report discusses challenges in policy making and proposes a co-ordinated effort to collect data on the installed costs of solar PV in Africa, across all market segments. Such information will improve the efficiency of policy support and accelerate deployment.
A new IEA report World Energy Investment 2016 shows the electricity sector leading a broad reorientation of energy investment but warns more is needed to meet climate targets and address energy security concerns.
A surge in renewable generation last year played a critical role in keeping global energy-related carbon emissions flat for the second year in a row, according to a report by the International Energy Agency IEA.