Publication - Renewables 2023 Global Status Report collection, Renewables in Energy Supply

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Title

Renewables 2023 Global Status Report collection, Renewables in Energy Supply

Publisher

REN21

Author

REN21

Published in

June 2023

Abstract

The global energy crisis of 2021-2022, was sparked by the rapid economic rebound in the wake of the COVID-19 pandemic which led to tighter energy supply markets starting in October 2021. The world's energy challenges were exacerbated in February 2022 following the Russian Federation’s invasion of Ukraine. The energy crisis contributed to high inflation and then became a global phenomenon during the year, even if the effects were less visible in Asia and some parts of the world.

In response, governments have paid greater attention to the security of energy supply and have turned to renewables to counter inflation, supply disruptions, and price volatility. This is highlighted by the growth in energy-related policies such as the US Inflation Reduction Act (IRA), which includes subsidy packages aimed at boosting domestic manufacturing and deployment of renewable energy technologies, and the European Union’s (EU) REPowerEU, which aims to bridge the gap between regional energy supply and demand through renewables.

The global energy crisis and associated challenges have prompted wide-ranging changes in the energy supply landscape. These include greater emphasis on energy security, expansion of domestic energy production and manufacturing, increased International cooperation, and policy support for Renewables

highlighting the need for an accelerated shift to renewables in energy supply.

URL

link to the document

Admin:

• Energy Access

• Energy Transition

• Policies and Regulations

• Renewable Energy