Renewable Energy Gained Significant Ground in 2022, But Is It Enough?

By: Bea Meyer

Introduction

The transition to renewable energy is vital in the global fight against climate change. Significant gains were made in the renewable energy sector in 2022, but more still needs to be done to avoid irreversible climate catastrophe.

Climate change presents an ever-growing risk that countries have struggled to address. As greenhouse gas levels continue to increase, several climate ‘tipping points’ are quickly approaching. These tipping points are changes in the climate that become self-perpetuating, and they can pose serious risks around the world. The Earth is already at risk of triggering several of these tipping points, and several others will become more likely to be triggered as the temperature continues to rise. Passing these tipping points can create “abrupt, irreversible, and dangerous impacts with serious implications for humanity.”

Because these changes can occur quickly, it is vital to prevent them before they arise. Limiting global temperature increases to 1.5C above pre-industrial levels can significantly reduce the risk of triggering these tipping points. To reach this goal, global greenhouse gas emissions must be cut by 50% by 2030, and must reach net-zero emissions by 2050.

Recent Growth of Renewable Energy

Renewable energy has a central role to play in achieving these emission targets. Energy demand will continue to increase in the coming years, and renewable energy appears to be keeping up with this growth.

While renewables currently only provide for 29% of global energy demand, that share is steadily increasing. The International Energy Agency predicts that this share will rise to 35% of global energy demand by 2025, making renewables the top source of global electricity within three years. Renewable sources are also keeping up with growing demands for energy, and are predicted to provide for more than 90% of new global energy demand through 2025. This growth highlights the success of global initiatives to transition to renewable energy, but countries must continue their individual commitments to avoid dangerous climate tipping points.

Advances in Australia

Australia is setting an important example for other nations by placing a new cap on oil and gas emissions. This new legislation requires large polluters to cut their emissions by 4.9% each year, and will apply to over 200 industrial polluters. This marks the beginning of legal emissions controls in Australia, which is currently one of the largest per-capita polluters around the world. These laws will be a significant step towards Australia achieving its updated emission reduction targets and encouraging the development of renewable energy sources.

Advances in the United States

The United States is also seeing notable growth of renewable energy production. More than 40% of the country’s energy output in 2022 was produced by carbon-free sources, including wind, solar, nuclear, and hydroelectric power. This marks significant growth in carbon-free energy production in the U.S., with the majority of the growth coming from wind and solar.

This growth is likely to continue with the introduction of the Inflation Reduction Act, which offers significant funding programs and incentives for renewable energy production, including tax breaks for renewable energy producers. These changes are likely to accelerate the U.S.’s transition to renewable energy and will hopefully help the country to achieve its emission targets.

Advances in the European Union

Wind and solar power are also making significant gains in the European Union, where they surpassed natural gas production for the first time last year. Renewable energy accounted for 22% of energy production in the EU in 2022, while gas power accounted for 20%, and coal accounted for only 16%.

The EU is also emphasizing its commitment to the phaseout of fossil fuels at COP28 this year. Even though phasing out oil and gas was fiercely debated at last year’s COP27, an agreement was not reached. This year, the EU will continue to push for a global phase out of oil and gas production, as well as strengthen its stance by demanding a global phasing out of coal production. The bloc will demand a complete halt of financing for new coal infrastructure in developing countries, as well as the elimination of fossil fuel subsidies. If an agreement can be reached, it could drive renewable energy production around the world.

Conclusion

The world made significant progress toward renewable energy production in 2022. Countries instituted measures ranging from stricter domestic emissions policies to stronger international demands for change, and some major successes have been accomplished. But further improvement is necessary to reduce the risk of triggering climate tipping points.

Renewables are on track to provide the largest source of global energy by 2025, but coal and natural gas production are predicted to remain largely stagnant. Emissions will likely plateau until 2025 and then begin to drop, but that is too slow. In order to cut emissions to the recommended level by 2030, change will need to happen more quickly. Despite the significant successes of 2022, the world needs to strengthen its commitments to reducing greenhouse gas emissions and preventing the worst impacts of climate change.