Skip to main content

Sanctions shutting down construction at Russia LNG projects in Arctic

May 17, 2022

The Barents Observer:

The world added record amounts of renewable energy last year with 295GW of capacity deployed, up 6% year-on-year, despite supply chain constraints, project delays and high commodity prices, according to the International Energy Agency (IEA), which also expects nearly 320GW to be deployed this year.  

While it is still “too early” to assess the impact of updated energy policies following Russia’s invasion of Ukraine on 2022 and 2023 forecasts, the current global energy crisis exacerbated by the war has added greater impetus to the clean energy transition, according to the IEA’s Renewable Energy Market Update 2022.

The report noted how solar PV and wind power have “the potential to reduce the European Union’s power sector dependence on Russian natural gas by 2023”. This is despite their costs expected to remaining high through to 2023 “due to elevated commodity and freight prices”, the IEA said, adding that their competitiveness improved when viewed against soaring natural gas and coal prices.

Pushing through the 300GW level for the first time, capacity additions this year are expected to be led by solar PV, which is predicted to account for 60% (190GW) of new capacity, up 25% year on year. BloombergNEF is expecting a substantially higher figure of roughly 245GW of solar PV, its head of solar analysis, Jenny Chase, recently told PV Tech.  

[Atle Staalesen]

More: Biggest Arctic construction sites could turn into ghost towns

Join our newsletter

Keep up to date with all the latest from IEEFA