The 2023 Global Wind Energy Report is released! 680GW will be added in the next five years

After a disappointing 2022, the rapidly adjusting policy environment across the globe has set the stage for accelerated development in the coming years, with an average of 136 GW of new wind capacity added over the next five years, growing at a CAGR of 15%.

As the Global Wind Energy Report 2023 analysis points out, there is an urgent need to invest more in supply chains globally to meet the rapid growth in demand. According to the GWEC report, the United States and Europe may experience supply bottlenecks for wind turbines and components in 2025, as the adjustment of the US Inflation Reduction Act and Europe's new energy targets will have a positive impact on wind energy development.

The decisions made by policymakers will have a decisive impact on whether the world can achieve the energy transition within the necessary timeframe, and the cost of the transition. While further incentives for supply chain investment and regional diversification and resilient supply chains are welcome, setting strict localization requirements or implementing protectionist trade measures risks leading to significant cost increases and even a significant delay in the development of wind and other renewable energy sources.

Ben Backwell, CEO of the Global Wind Energy Council (GWEC), said: "The message from this year's Global Wind Report is clear to policymakers, and now is a great time to redouble your efforts to deliver on your ambitions to support clean energy, and the light is ahead."

"New policies to accelerate the development of renewables are being rolled out around the world, and GWEC expects the global wind power market to continue to grow over the next decade and beyond. But to ensure that markets are robust, policymakers need to take decisive action to repair markets, remove regulatory hurdles, and allow investment to flow into new factories to avoid future supply bottlenecks. In addition, we need more active global cooperation to strengthen the supply of critical raw materials and reduce risks to ensure that the green economy revolution receives the inputs it needs during this critical period. ”

"There is a global consensus that supporting wind energy will not only create jobs, build new industries, and provide clean and safe energy, but also ensure that climate goals are met and net zero emissions are achieved. Policymakers must seize the opportunities that lie ahead of them and work with industry to ensure that the energy transition happens. ”

Francesco La Camera, Director General of the International Renewable Energy Agency (IRENA), said: "Despite the impact of the global energy crisis and geopolitical conflicts in the energy industry, renewables remain the best option for new electricity at the moment. The latest data from IRENA shows that 2022 was the year with the largest increase in renewable energy capacity so far, with an unprecedented 9.6% increase in global renewable power generation capacity and accounting for 83% of global new electricity. Wind continues to be one of the fastest-growing sources of electricity generation, but the latest information from the Intergovernmental Panel on Climate Change (IPCC) suggests that we are not moving fast enough. One of the most realistic options for limiting global temperature rise is to massively ramp up the use of renewable energy. If we are to limit the global average temperature rise to 1.5 degrees Celsius, renewable energy generation must triple by mid-century. ”

"The recent IPCC Synthesis Report made it abundantly clear that we need to scale up renewables now, but accelerating wind energy requires healthy industries, and healthy industries need thriving markets," said GWEC Chair Morten Dyrholm.

"2023 is a pivotal year to translate prospects into permitting, forward-looking tendering and market design, accelerated infrastructure development, and supply-demand side flexibility solutions. As the report explains, the road to transition will not be easy, and it will require bold and flexible policies, as well as strong government support for the wind energy industry. GWEC and the industry are ready to work with policymakers around the world to ensure the rapid development of wind power around the world. ”

Table of contents and section of the report

Source: Global Wind Energy Council GWEC

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