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Global additions of renewable power capacity are expected to increase by over 8% in 2022 versus last year, pushing through the 300 GW mark for the first time despite rising costs and supply chain bottlenecks, the International Energy Agency said May 11.

Additions are expected to total 320 GW this year, topping last year's record 295 GW, the IEA said in its latest Renewable Energy Market Update.

"Unprecedented growth in capacity additions is mainly driven by solar PV in China and Europe as renewables demonstrate their energy security benefits amid market turmoil," the IEA said.

Stronger-than-expected growth in China, the EU and Latin America this year would more than offset slower growth in the US and Japan, the report showed.

"The US outlook is clouded by uncertainty over new incentives for wind and solar and by trade actions against solar PV imports from China and Southeast Asia," it said.

[Henry Edwardes-Evans]

More: Record year for renewable capacity additions ahead despite headwinds: IEA

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