The energy transition continued apace in 2022 despite Russia’s invasion of Ukraine, ongoing disruptions to global supply chains and inflationary pressures – all of which translated into high energy prices around the globe.
Energy security concerns boosted investment in hydrocarbon alternatives.Proliferation of financial instruments to fund climate projects in emerging markets.
At the same time, renewable energy capacity increased by more than 8%, surpassing the 300-GW mark for the first time, according to the International Energy Agency . Global electricity energy demand growth, meanwhile, slowed to 2.4%, down from 6% in 2021. Members of OPEC and other allied oil-producing nations, collectively known as OPEC+, cut production in September as global demand softened, which has thus far avoided the oil-supply shortages envisioned by the EU ban.
Among these sources, solar began to take the lead in 2022, eclipsing wind in China and Australia. Of the 300 GW of growth in renewable energy capacity in 2022, solar photovoltaic accounted for 60%, or 190 GW, of the increase, marking growth of 25% from 2021. . The technology is projected to account for 65 GW of additional hydropower capacity by 2030, mostly in Asia and Africa.
Many emerging markets in Africa have turned to creative climate financing to address shortfalls in public finance and would welcome bond issuances from international organisations and the private sector to fund climate-related projects.
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